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(Bloomberg) -- U.S. stocks swung between gains and losses, while the dollar advanced as the Senate moved toward passing tax cuts.

The S&P 500 Index headed for its best week of the year, with financial stocks pacing gains on speculation they’ll benefit most from cuts to corporate rates. Technology shares underperformed as the rotation from the year’s biggest winners resumed. The 10-year Treasury yield held at 2.40 percent after surging eight basis points in two sessions. Emerging-market shares headed for the biggest weekly rout since November 2016. Oil rallied above $58 a barrel. The Canadian dollar rallied after jobs data topped estimates.

The Senate tax bill headed for a round of marathon votes Friday, with the chance of passage remaining high even after leaders suspended voting yesterday after a key compromise to win a majority had collapsed. Equities have been rallying on signs the bill will pass, with the Dow Jones Industrial Average closing above 24,000 for the first time Thursday.

Meanwhile, Washington politics has again been thrust into the spotlight after Michael Flynn, who was fired as President Donald Trump’s national security adviser after revelations that he lied about his communications with Russia’s ambassador, was charged for lying to federal agents about the contact. There are also reports the White House is weighing replacing Secretary of State Rex Tillerson, a week before Congress must act to prevent a partial government shutdown.

Elsewhere, oil rose after posting its longest streak of monthly gains since early 2016 in the wake of an OPEC-led coalition’s long-awaited extension of crude supply cuts. Copper led most industrial metals higher.

Terminal subscribers can read our Markets Live blog.

Here’s a look at what’s ahead for markets in the coming days:

  • The U.S. senate will have its next roll call vote related to the tax bill 11 a.m. Friday.
  • On Monday, Euro-area finance ministers discuss the future of the euro area, vote for a new president, and debate Greece’s bailout review in Brussels.
  • The European Commission College of Commissioners discusses Brexit on Wednesday and will likely make its recommendation on whether sufficient progress has been made to move negotiations onto the future relationship.
  • The U.S. faces a partial government shutdown after money runs out on Dec. 8 if Congress can’t agree on a spending bill by then.
  • U.S. employers probably hired at a robust pace in November as the unemployment rate held at an almost 17-year low. The Labor Department’s jobs report next Friday may also show a bump up in average hourly earnings.
  • Countries setting monetary policy include Australia, Brazil, Canada, India and Poland.

These are the main moves in markets:

Stocks

  • The S&P 500 Index rose less than 0.1 percent at 10:24 a.m. in New York. It’s higher by 1.7 percent for the week.
  • The Stoxx Europe 600 Index rose 0.1 percent. 
  • Germany’s DAX Index decreased 1 percent to the lowest in two months on the biggest dip in more than a week.
  • The MSCI Emerging Market Index fell 0.4 percent, falling for the fourth day in five.

Currencies

  • The Bloomberg Dollar Spot Index fell 0.1 percent, the first retreat in a week. 
  • The euro decreased 0.2 percent to $1.1884. 
  • The British pound decreased 0.3 percent to $1.3487, the biggest dip in more than two weeks. 
  • The Japanese yen gained less than 0.05 percent to 112.50 per dollar.

Bonds

  • The yield on 10-year Treasuries dipped three basis points to 2.38 percent, the largest dip in more than a week. 
  • Germany’s 10-year yield decreased three basis points to 0.34 percent, the lowest in more than three weeks on the biggest tumble in five weeks. 
  • Britain’s 10-year yield sank four basis points to 1.33 percent, the largest tumble in more than four weeks.

Commodities

  • West Texas Intermediate crude advanced 0.8 percent to $57.84 a barrel, the largest gain in a week. 
  • Gold declined less than 0.05 percent to $1,274.66 an ounce, the weakest in four weeks. 
  • Copper advanced 0.5 percent to $3.08 a pound, the first advance in a week.

To contact the reporters on this story: Jeremy Herron in New York at jherron8@bloomberg.net, Robert Brand in Cape Town at rbrand9@bloomberg.net.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Samuel Potter

©2017 Bloomberg L.P.

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