Overnight Update: U.S
Overnight Update: U.S. stocks rallied on Thursday as investors welcomed data showing a robust pace of growth in the economy in the final quarter of last year. Treasury prices trimmed losses after a strong showing of investor demand for $64 billion worth of bond auctions. The U.S. dollar rose against major rivals, a day after the Federal Reserve decided to push ahead with its plan to reduce monetary stimulus. Hard-hit merging-market currencies such as South African rand took a breather from recent losses, but the Hungarian forint hit a two-year low. Gold futures dropped nearly 2% as a stronger US. Dollar and a climb in equities lured investors away. Oil futures climbed past $98 a barrel. European stock markets rebounded in the afternoon. London: BHP up 0.42%. Rio down 0.22%. New York: BHP up 1.07%. Rio up 0.70%. Base metal traded lower.
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