S&P 500 Hits Record High as Dollar Selloff Deepens | Closing Bell

Watch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

Wall Street traders sent stocks to all-time highs on speculation that solid corporate earnings will keep powering market gains. The dollar slid to an almost four-year low. Gold topped $5,100.

Not even a slump in consumer confidence prevented an advance that put the S&P 500 close to 7,000. Tech led gains before megacap results. UnitedHealth Group Inc. paced losses in insurers on a disappointing forecast and as the US proposed holding payments to private Medicare plans flat next year. In late hours, Texas Instruments Inc. gave a strong outlook.

The dollar slid to its lowest since February 2022 as signs of US support to boost the yen reinforced the argument about potential coordinated intervention to guide the greenback lower against key trading partners.

The S&P 500 rose 0.4%. The Dow Jones Industrial Average fell 0.8%. The Russell 2000 added 0.3%. The yield on 10-year Treasuries advanced two basis points to 4.23%. The dollar sank about 1%. 

Oil rallied as Trump touted a growing US military presence near Iran, while traders monitored the fallout from a sweeping winter storm.

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