Dollar Weakens as Stocks Soar

NEW YORK ( TheStreet) -- Upbeat reports sent stocks rising Thursday, and that spelled bad news for the greenback, which fizzled against a few currencies.

The dollar lost ground to 1.0828 Canadian dollars, but was largely flat at 1.0882 Swiss francs.

The buck sunk against some currencies as investors fled the safe-haven looking for riskier bets. Following a few better-than-expected earnings reports and unemployment benefit data, equities surged today. In the afternoon, the Dow Jones Industrial Average breached 9,200 for the first time since November before later finishing higher by 0.9%. The S&P 500 added 1.2%, while the Nasdaq gained 0.8%.

The greenback rose against its safe-haven counterpart in Japan, advancing to 95.5350 yen.

Meanwhile, the euro tracked higher against the dollar to $1.4070, while the sterling also gained, finishing at $1.6491.

The Australian dollar, another high yielder, was up to 82.56 U.S. cents.

-- Reported by Sung Moss in New York

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