Dollar pares losses, stocks rise on Mnuchin's remarks
Equities in the United States rallied on Thursday after Secretary of the Treasury Steve Mnuchin expressed optimism over the progress in the tax overhaul process and the possibility to increase the debt ceiling. The dollar rebounded from moderate losses against the euro and recovered a chunk of the dip relative to the pound.
The Dow Jones jumped 0.98% to 20,604.14 points after increasing to as high as 20,629.78. American Express soared 6.08% on the wings of upbeat quarterly results, followed by Goldman's rise by 2.16%. The Nasdaq 100 added 0.95% to trade at 5,451.058 points, compared to the daily high of 5,455.881. The winners pack was led by Norwegian Cruise, up 2.59%. The S&P 500 strengthened 0.86% to 2,358.21 points, following an advance to 2,361.37.
The euro was marginally up, buying $1.07177, while earlier today it went as high as $1.07775. The pound was 0.31% in the green at $1.2817 and the dollar added 0.37% to buy ¥109.275.