Stocks Climb With Gold as Dollar Weakens on Fed’s Plans
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U.S. stocks rallied, sending benchmark indexes to the highest levels since 2007, silver and gold surged while the dollar weakened as the Federal Reserve said it will buy mortgage securities to bolster the economy.
The Standard & Poor’s 500 Index climbed 1.6 percent to 1,459.99 at 4 p.m. in New York and rates on mortgage bonds tumbled to record lows. Ten-year Treasury yields slipped three basis points to 1.73 percent after rising as much as seven points earlier. Oil climbed 1.3 percent to $98.31 a barrel, a four-month high, while gold jumped to the highest price since February. The Dollar Index, a gauge of the currency against six peers, fell 0.6 percent to the lowest level since May.