Advertisment One official has said that, with at least three vacancies expected on the U.S. Federal Reserve's Board of Governors this year, the central bank may not be exempt from a shakeup instigated by President Donald Trump. Strong gains for Citigroup and other financial stocks helped the Standard & Poor's 500 index rise 0.5 percent to a third straight record close, at 2,328.25.
OIL PRICES: At midmorning, benchmark US crude oil rose 61 cents to $54.04 a barrel in electronic trading on the New York Mercantile Exchange.
The recovery in the Dollar has stalled as markets look towards Federal Reserve Chair Janet Yellen's key testimony to Congress over the next couple of days for further cues. If so, you can bet the Dollar will pop higher.
"We're still early into the new administration so we're yet to get details of fiscal strategy and that's going to have an important impact on how the Fed guides policy", said Simon Derrick, chief market strategist with BNY Mellon in London.
The euro inched up 0.1 percent against the greenback at $1.0608 but down 0.2 percent at 120.31 yen amid political risk and disappointing regional economic data. More stocks fell than rose on the New York Stock Exchange.
"The euro is being propped up by real weakness in the pound which is allowing it to maintain its gains against the US dollar", said Kathleen Brooks, research director at City Index. Investors will be eager to hear whatever Yellen says about them-or doesn't say.
The Fed raised its benchmark rate by a quarter percentage point in December to arrange of 0.5% to 0.75%.