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US stocks rose, sending the S&P 500 Index past its January record, as an expanding economy and surging earnings erased a six-month drought in which equities tumbled into a correction. The dollar dropped.
Equities capped a second straight week of gains and the dollar slumped Friday after Federal Reserve Chairman Jerome Powell signaled that the central bank has no intention of raising interest rates at a faster pace. The latest stocks record marks another milestone in a nine-year bull run that’s now the longest in history.
The dollar fell for the sixth time in seven days as Powell said that gradual rate increases are likely if growth stays strong, and “there does not seem to be an elevated risk of overheating.” The 10-year Treasury yield edged lower to 2.82%. Crude settled above $68 a barrel in New York and gold jumped above $1,200 an ounce.
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