Treasuries
fell and the dollar rallied versus the euro on speculation U.S.
interest rates will rise while European stimulus continues. Stocks in
the euro region jumped, while American shares fluctuated near records
amid optimism over a Greek debt deal.
The
dollar surged 1.5 percent versus the euro at 3:33 p.m. in New York, as
the common currency weakened a third day. The yield on 10-year Treasury
notes topped 2.40 percent. The Standard & Poor’s 500 Index swung
between gains and losses about half a percentage point below a record,
while the Stoxx Europe 600 Index rallied 1.2 percent to cap the best
two-day gain since January.
Greece’s
Prime Minister has to muster support from his coalition for a plan that
aims to stave off the country’s default amid signs of progress on debt
talks. The dollar strengthened on speculation the European Central Bank
will maintain its bond buying, while the Federal Reserve moves closer to
tightening. America’s housing market is starting to heat up and provide
some pep for an economy held back by lukewarm manufacturing.
The
S&P 500 is coming off its best week since April, climbing 0.8
percent after Federal Reserve Chair Janet Yellen signaled the central
bank will take a gradual approach to raising U.S. interest rates.
Source: Bloomberg
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