Dollar fell after Biden dropped out, stocks rose globally

From Yahoo Finance: 2024-07-22 03:29:18

Joe Biden announced the end of his reelection campaign and endorsed Kamala Harris, causing the dollar to slide and Treasuries to rise. European stocks rebounded from their worst week of the year. The Bloomberg gauge of the US currency’s strength dropped 0.1% and the 10-year Treasury yield fell 3 basis points. Investors are now considering the impact on the markets as Democrats scramble to unite behind a new nominee. European companies are beating profit expectations in the second-quarter reporting season. Major earnings this week include Tesla Inc. and Alphabet Inc., with a focus on growth and artificial intelligence. In Asian trading, a weak tech sector continues to weigh on stocks. Key events this week include US second quarter growth and a Bank of Canada rate decision. Stocks, currencies, cryptocurrencies, bonds, and commodities all saw movement in the market.



Read more at Yahoo Finance: Dollar Slips as Biden Quits Race; Stocks Advance: Markets Wrap