U.S. Stocks Rise on Reopening Hopes; Dollar Slips

U.S. stocks rose and the dollar weakened as investors moved into trades that bet on a surge in economic activity once vaccines become widely available.

The S&P 500 bounced back from its end-of-the-week selloff after AstraZeneca Plc said its shot prevented illness in most people. Companies that will benefit from a return to normal economic activity led the gains. Cruise operators, airlines and retailers posted solid gains. Pfizer Inc. and Moderna Inc. climbed in after a U.S. government official said immunizations may start soon. Regeneron Pharmaceuticals Inc. jumped after its antibody cocktail won emergency-use authorization. Energy producers jumped with the price of crude.

Vaccine successes lately have added to a risk-on mood in markets and investors have snapped up assets that could benefit from the end of lockdowns and travel restrictions. Investors have also started to anticipate Congress will again deliver a spending bill to stave off the economic effects of new restrictions aimed at slowing the virus.

These are the main moves in markets:

Stocks

The S&P 500 Index increased 0.6% as of 9:31 a.m. New York time.The Stoxx Europe 600 Index rose 0.6%.The MSCI Asia Pacific Index gained 0.6%.The MSCI Emerging Market Index increased 1.7%.

Currencies

The Bloomberg Dollar Spot Index declined 0.3% to 1,143.60.The euro gained 0.4% to $1.1903.The British pound gained 0.9% to $1.3394.The Japanese yen strengthened 0.1% to 103.73 per dollar.

Bonds

The yield on 10-year Treasuries rose two basis points to 0.85%.The yield on two-year Treasuries increased less than one basis point to 0.16%.Germany’s 10-year yield declined less than one basis point to -0.57%.Britain’s 10-year yield rose less than one basis point to 0.325%.

Commodities

West Texas Intermediate crude gained 0.6% to $42.15 a barrel.Gold was little changed at $1,866.39 an ounce.

U.S. Stocks Rise on Reopening Hopes; Dollar Slips: Markets Wrap, Bloomberg, Nov 23