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Wall Street ends sharply higher, dollar dips on UK U-turn, strong earnings

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U.S. stocks kicked off the trading week with a rally after Britain reversed course on an economic plan, while Bank of America was the latest financial company to post solid quarterly results

Long-dated Treasury yields turned higher late in a choppy session for the bond market, even as investor sentiment eased in the wake of the British policy about-face.The 30-year bond last fell 23/32 in price to yield 4.0214%, from 3.975% late on Friday.

The euro and sterling gained strength following Hunt's announced policy announcement, causing the greenback to lose ground against a basket of major world currencies.The Japanese yen weakened 0.19% versus the greenback at 149.06 per dollar, while sterling was last trading at $1.135, up 1.61% on the day.

Crude prices oscillated as markets juggled signs of looming recession and China's continued loose monetary policy. U.S. crude settled down 0.18% to close at $85.46 per barrel, while Brent settled at $91.62 per barrel, essentially flat on the day.Register now for FREE unlimited access to Reuters.comReporting by Stephen Culp Additional reporting by Marc Jones in London Editing by Mark Potter, Will Dunham and Nick Zieminski

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