Stocks rally as euro gains on likely rate hikes

Published by
Reuters UK

By Herbert Lash and Marc Jones NEW YORK/LONDON (Reuters) -U.S. and European stocks rallied on Monday, with the S&P 500 for the moment moving away from a bear market, while the euro leapt after the European Central Bank said it was likely to lift its deposit rate out of negative territory by September. Oil prices slid and gold extended recent gains, but the dollar fell further as investors cut their bets on more greenback advances based on market expectations for rising yields as the Federal Reserve tightens money supply. The MSCI all-country world index gained 1.54%, but is still down about 17…

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