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US stocks and oil prices rise, dollar slips before Fed decision on interest rates

LiveMint logoLiveMint 15-03-2017 Jeremy Herron

New York/Dubai: US stocks rose as crude rebounded from a November low, while Treasuries advanced and the dollar slipped before the Federal Reserve’s anticipated interest rate hike.

Energy shares led gains in the S&P 500 Index as West Texas Intermediate oil jumped above $48 a barrel after an industry report pointed to falling crude stockpiles. A broader recovery of commodities spurred the Stoxx Europe 600 Index higher, with miners driving many of the gains. The dollar slipped versus most major peers and 10-year Treasury rates fell to 2.58%.

The swings in oil added some drama to financial markets that have entered a two-day period brimming with central bank decisions, European political drama and a raft of economic data. With the Fed seen as all but certain to raise rates, investors have been weighing how precarious energy prices will feed into the central bank’s path for future moves.

“If you’re excited about whether Fed Chair Janet Yellen will say anything about the number of hikes this year, I think you will be disappointed,” Henrik Drusebjerg, chief strategist at Carnegie Investment Bank AB said in an interview with Bloomberg Radio’s Nejra Cehic and Markus Karlsson. “The Fed has come to use a new term that they will use the window when they have it. If the economy is strong, they will continue hiking.” Bloomberg

—With assistance from Stephen Kirkland and Natasha Doff

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