The Dow Jones Industrial Average erased its 2016 losses, as a weaker dollar spurred a rally in commodity producers and industrial shares that spread to the broader U.S. stock market.
Equities pushed to the highest levels since the end of last year as a gamut of companies that benefit from a lower U.S. currency, from General Electric Co. to Coca-Cola Co., surged. A scaled-back pace of interest-rate increases from the Federal Reserve sent the dollar spiraling lower, helping the Dow extend a rebound of more than 11 percent from a two-year low reached last month.
The Standard & Poor’s 500 Index rose 0.7 percent to 2,040.56 at 4 p.m. in New York, near its break-even level for the year. The Dow added 0.9 percent to close at the highest since Dec.
Source : Bloomberg