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U.S. Stocks Climb With Dollar as Treasuries Slip: Markets Wrap

(Bloomberg) -- U.S. stocks added to a sixth straight quarterly gain, the dollar advanced and Treasuries fell as central bank officials in Europe and the U.S. signaled divergent policy paths. Oil topped $50 a barrel.

Financial shares paced gains in the S&P 500 Index. The greenback rose as Fed speakers suggested rates may need to rise faster than the market currently anticipates, while the euro weakened as ECB officials hinted the bank would stick with its loose monetary policy. Mexico’s peso strengthened after Banxico raised interest rates. South Africa’s rand weakened after reports by local media that President Jacob Zuma will reshuffle his cabinet. Ten-year Treasury yields rose above 2.41 percent.

While European central bank officials doused expectations policy makers were planning to withdraw monetary support, Fed officials shifted to a more hawkish tone, as the world’s biggest economy progresses toward goals for full employment and 2 percent inflation. Investors remained focused on Washington, where Republicans hinted they may revisit health-care reform, raising concern that tax cut attempts may take a back seat.

Read our Markets Live blog here.

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Here are the major moves in the markets:

Stocks

  • The S&P 500 rose 0.3 percent to 2,368.07 at 4 p.m. in New York, to the highest level since March 20. The benchmark gauge is up 0.2 percent in March and 5.8 percent in the quarter.

  • The Stoxx Europe 600 Index rose 0.5 percent to close at the highest since December 2015.

  • The MSCI Emerging Market Index slipped 0.3 percent. The index has surged 12 percent in the first three months of the year, the best quarter since 2012.

Currencies

  • The Bloomberg Dollar Spot Index added 0.4 percent, paring its worst quarterly retreat since March 2016 to 3.4 percent.

  • The euro fell 0.8 percent to $1.0681 for a third day of declines. The British pound rose 0.3 percent to $1.2472.

  • The peso added 0.1 percent o 18.6916, while the rand weakened in late trading on reports of the shakeup that could include Finance Minister Pravin Gordhan.

Bonds

  • Yields on 10-year Treasuries climbed four basis points to 2.42 percent. The rate fell four basis points on Wednesday after rising the same amount in the previous session.

  • German bonds gained, with the yield on 10-year bonds dropping by around one basis point after inflation in Europe’s largest economy decelerated more than forecast in March.

Commodities

  • Crude rose to a three-week high after Kuwait comments bolstered optimism OPEC and its partners will extend output curbs.

  • West Texas Intermediate crude rose 1.7 percent to settle at $50.35 a barrel, the highest close since March 7.

  • Gold futures slipped as much as 0.9 percent to $1,245.90 an ounce before settling at $1,248 an ounce. The drop wiped out the metal’s gains for the month.

--With assistance from Randall Jensen Mark Shenk and Luzi Ann Javier

To contact the reporter on this story: Jeremy Herron in New York at jherron8@bloomberg.net.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Samuel Potter at spotter33@bloomberg.net.

©2017 Bloomberg L.P.