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Markets & Stocks
Bonds gain, dollar lingers
March 16, 1998: 5:13 p.m. ET

Overnight dollar rally stalls, but strong currency helps push up bonds
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NEW YORK (CNNfn) - The dollar rose to two-month highs against the Japanese yen overnight Monday, then stalled and spent the rest of the day hovering in a narrow range while other U.S. markets rallied.
     The greenback's strength was enough to fuel buying in the bond market and help stocks rally to a record close.
     New signs that Tokyo is unable to tackle its severe economic problems helped propel the dollar against the yen in overnight trading as several high-ranking Japanese officials spoke about the country's ailing banking system, a new economic stimulus package and zero economic growth for the current fiscal year, which ends March 31.
     The dollar also rose against major European currencies, but trading was limited as many investors remained out of the market ahead of key economic data from Britain, Germany and the United States later this week. On Tuesday and Wednesday, Britain will release its consumer inflation and retail sales reports. On Thursday, Washington will share its international trade report for January and Germany will release a key business sentiment survey.
     Meanwhile, a strong dollar and prospects for low inflation amid tumbling world oil prices buoyed the bond market, leading the price of the benchmark 30-year Treasury bond 14/32 of a point higher, lowering its yield to 5.86 percent.Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.