Wall Street soars as U.S. dollar crumbles, Dow Jones gains 1,198 points

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NEW YORK, New York – U.S. stocks soared, and the dollar plunged on Thursday as the CPI figure came in much lower than expected.

Oil prices climbed, snapping a three-day losing streak.

The West Texas Intermediate for December delivery rose 64 cents, or nearly 0.8 percent, to settle at $86.47 a barrel on the New York Mercantile Exchange. Brent crude for January delivery added $1.02 dollars, or 1.1 percent, to settle at $93.67 a barrel on the London ICE Futures Exchange.

The sharp fall in the U.S. currency helped boost oil prices.

The dollar index, which measures the greenback against six major peers, dropped 2.12 percent to 108.2040 in late trading on Thursday, after data showed the October U.S. consumer price index came in lower than expected. Historically, the price of oil is inversely related to the price of the U.S. dollar.

The Nasdaq Composite accelerated 760.97 points or 7.35 percent to 11,114.15.

The Dow Jones industrials surged 1,198.27 points or 3.69 percent to 33,712.21.

The Standard and Poor’s 500 jumped 207.31 points or 5.54 percent to 3,955.88.

The euro jumped sharply to 1.0167 by the New York close Thursday. The British pound surged to 1.1674. The Japanese yen was sharply higher at 141.95. The Swiss franc appreciated to 0.9674.

The Canadian dollar strengthened to 1.3364. The Australian dollar raced up to 0.6581. The New Zealand dollar rose to 0.6002.

On overseas equity markets, the German Dax jumped 3.51 percent. The Paris, France-based CAC 40 climbed 1.95 percent. In London, the FTSE 100 forged ahead by 1.08 percent.

In Japan, the Nikkei 225 declined 270.33 points or 0.98 percent to close Thursday at 27,446.10.

China’s Shanghai Composite dropped 12.04 points or 0.39 percent to 3,036.13.

In Hong Kong, the Hang Seng fell a hefty 277.48 points or 1.70 percent to 16,081.04.

The Australian All Ordinaries parted with 41.70 points or 0.58 percent to 7,145.70.

In New Zealand, the S&P/NZX 50 dropped 51.55 points or 0.46 percent to 11,091.93.

South Korea’s Kospi Composite fell 22.18 points or 0.91 percent to 2,402.23.