U.S. stocks rise with dollar as commodities climb

NEW YORK – U.S. stocks rose to records as retailer results topped estimates, while the dollar resumed its advance amid fresh signs global growth has started to accelerate. Treasuries pared losses.

The S&P 500 Index rose after results from Home Depot Inc. and Wal-Mart Stores Inc. bolstered confidence the American consumer can stoke growth. European equities advanced after readings on euro-area manufacturing topped estimates and mining companies rallied. Dollar bulls were handed the baton after a Federal Reserve policy maker reinforced the chances for a U.S. interest-rate increase as soon as next month. Gold slumped and oil breached $54 a barrel.

The prospect of tightening monetary policy helped stoke the dollar, which has been trading below this year’s highs as investors clamor for detail on spending plans under U.S. President Donald Trump. Equity markets, meanwhile, have gone from strength to strength on growth optimism and amid the greenback’s weakness.

“For all the Trump variables in the air the dollar has been played out primarily through rate expectations since the election,” said Adam Cole, the head of global foreign-exchange strategy in London at Royal Bank of Canada.

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