Name: World stocks hit record on vaccine hope, dollar lower for fifth straight session
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World stocks hit record on vaccine hope, dollar lower for fifth straight session

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By NEW YORK (Reuters) - A gauge of global shares climbed to a record for a third straight day and the dollar continued to slump on Wednesday as further upbeat COVID-19 vaccine news helped alleviate concerns about rising infection rates and related economic damage.Still, with many major equity indexes at or near record levels, analysts caution additional stimulus measures are needed to buttress the economy until a vaccine can be widely distributed, and gains evaporated late in the session.“It’s a confused market because portfolio managers don’t know which time period to focus on,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.“It’s this trade-off between the near term over the six to nine months of continued spread of the virus and the period after that when everyone’s vaccinated and the virus is eradicated.”Underscoring the growing pandemic, New York City Mayor Bill de Blasio announced the city’s school district, the largest in the country, will halt in-person learning on Thursday.Richmond Federal Reserve President Thomas Barkin said allowing the Federal Reserve’s emergency lending programs to sunset on Dec. 31 could pose risks to financial markets, especially as the pandemic is escalating.After a sluggish start, European shares closed higher as vaccine optimism and a round of takeover deals helped offset concerns over fresh lockdown measures to slow the spread of the virus in the region.While the U.S. dollar moved off its earlier lows following better-than-expected U.S. housing data, the greenback was still on pace for its fifth straight decline as the Pfizer news gave investors an appetite for some risk taking.The increased risk appetite on the vaccine news also helped oil prices advance, along with hopes OPEC and its allies will delay a planned increase in oil output.Additional reporting by Shivani Kumaresan in Bengaluru and Stephen Culp in New York; Editing by Kirsten Donovan and Jonathan OatisOur Standards:

By NEW YORK (Reuters) - A gauge of global shares climbed to a record for a third straight day and the dollar continued to slump on Wednesday as further upbeat COVID-19 vaccine news helped alleviate concerns about rising infection rates and related economic damage.Still, with many major equity indexes at or near record levels, analysts caution additional stimulus measures are needed to buttress the economy until a vaccine can be widely distributed, and gains evaporated late in the session.“It’s a confused market because portfolio managers don’t know which time period to focus on,” said Tim...

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World stocks hit record on vaccine hope, dollar lower for fifth straight session

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