U.S. stocks rallied for a fourth straight week, sending benchmark indexes to record highs, as data showing confidence improved among consumers and small businesses fueled optimism in the world’s largest economy.
U.S. stocks rebounded from yesterday’s drop and the Dollar Index rose to the highest level since July 2010 as better-than-estimated economic data fueled speculation the Federal Reserve will consider scaling back stimulus. Gold extended its longest slump in four years.
Treasuries declined after a measure of consumer confidence in May reached an almost six-year high and an index of leading economic indicators topped forecasts, as Federal Reserve officials debate the pace of asset purchases.
The Dollar Index climbed to the highest level in almost three years amid speculation the Federal Reserve is moving closer to ending its program of asset purchases on signs U.S. economic growth is improving.
Gary Kain built American Capital Agency Corp. into the fastest growing real estate investment trust as the Federal Reserve pushed borrowing costs to record lows. Now he’s trying to persuade investors to stay with him as he navigates the central bank’s retreat.