SHANGHAI, Dec 2 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar fell on Tuesday to its lowest in more than 2-1/2 years, as investor appetite for risk increased on the prospects of further fiscal stimulus from the United States as well as expectations of a solid global recovery.

News of a proposed COVID bill sank the dollar further, as did the resumption of talks between U.S. Treasury Secretary Steve Mnuchin and House of Representatives Speaker Nancy Pelosi later on Tuesday about a stimulus package. The two have not spoken since before the Nov. 3 U.S. election. The proposed relief bill was $908 billion and would fund measures through March 31, including $228 billion in additional paycheck protection funds for hotels, restaurants and other small businesses.

Nagging worries about rising coronavirus cases have not provided the dollar with much safe-haven support. Speculation is growing that the Federal Reserve will act to support the economy through a tough winter before vaccinations become available.

The Fed meets to set policy on Dec. 15 and 16. Fed Chairman Jerome Powell and Treasury’s Mnuchin on Tuesday also urged Congress to provide more help for small businesses amid a surging coronavirus pandemic and concern that relief from a vaccine may not arrive in time to keep them from failing.

Powell and Mnuchin testified on the CARES Act, under which Congress made $2 trillion available to the Treasury as coronavirus aid, a large portion of which was aimed to support the FOMC’s lending programs.

On Wall Street, U.S. stocks jumped on Tuesday with the S&P 500 hitting a new record, as the market’s historic rally extended to December.

The Dow Jones Industrial Average climbed 185.28 points, or 0.6%, to 29,823.92. The 30-stock gauge jumped more than 400 points at its session high to a new intraday record. The S&P 500 rose 1.1%, or 40.82 points, to 3,662.45, marking a fresh record closing high. The tech-heavy Nasdaq Composite gained 1.3%, or 156.37 points, to 12,355.11, also notching a record close.

Sentiment got a lift after a group of lawmakers unveiled a $908 billion stimulus plan, which includes more than $200 billion in Paycheck Protection Program small business loans. The news gave stocks a boost, and pushed the 10-year Treasury yield above 0.9%. However, Senate Majority Leader Mitch McConnell did not endorse the bipartisan plan, saying he wants to pass a “targeted relief bill” instead.

“Investors have focused … on the potential for a return to normal social and economic activity based on the widespread rollout of effective vaccines in the first half of 2021,” said Mark Haefele, CIO of UBS Global Wealth Management, in a note. “We see further upside for global equities in this environment, but also expect market leadership to continue to shift.”

Oil prices fell about 1% on Tuesday as investors awaited direction from OPEC and its allies after the producers postponed a formal meeting to decide whether to lift output from January.

The Organization of the Petroleum Exporting Countries, Russia and other allies, a group known as OPEC+, delayed talks on next year’s output policy to Thursday from Tuesday, as the main players had yet to agree, sources said.

“The apparent glitches in the OPEC discussions that have forced a delay in the full OPEC+ zoom meetings until Thursday have stalled the upward oil price momentum that proved quite impressive last month,” said Jim Ritterbusch, president of Ritterbusch and Associates.

Gold jumped more than 2% on Tuesday, rebounding from a five-month low in the last session, and silver soared over 6%, as the dollar slid, with U.S. stimulus bets adding to bullion’s appeal as an inflation hedge.

“We saw gold recapture the $1,800 level and a lot of that has to do with the weakening dollar trade,” said Edward Moya, senior market analyst at OANDA. “The unwind of the gold trade has run its course” and we are likely to see more efforts from the U.S. Congress to support the economy.

The Organization for Economic Cooperation and Development (OECD) on Tuesday lifted its global economic outlook. The 37-member organization now expects the global economy to build momentum over the coming two years, with real gross domestic product growth projected to reach pre-pandemic levels by the end of 2021.

Euro zone inflation remained in negative territory for the fourth consecutive month in November, strengthening the case for further stimulus from the European Central Bank in December.

U.S. pharmaceutical giant Pfizer and its German partner BioNTech said they have applied to the European Medicines Agency for the conditional marketing authorization of their coronavirus vaccine. If approved, immunizations could be available in Europe this month.

Key economic data slated for release today include German retail sales for October, Eurozone unemployment rate for October and crude inventory data from the US Energy Information Administration (EIA).