US and global stocks hit record highs on Monday as Joe Biden’s administration kept the pressure on Congress over his plan for $1.9tn in stimulus. Wall Street’s S&P 500 index rose 0.7 per cent to close at a record high of 3,915.59 as equities rallied into the close. The blue-chip index notched its sixth consecutive gain and its longest winning streak since August, Financial Times reports.
Robust corporate earnings, monetary and fiscal support from policymakers and prospects that pandemic vaccines could hasten a return to normal in the United States and other countries have all bolstered risk sentiment in recent days.
A record high close for Wall Street overnight gave Asian stocks the confidence to push on further, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.3%, led by Chinese blue chips, up 2.2%.
That helped The MSCI All-Country World Index edge up 0.1% to its own record high, although early moves in Europe’s top indexes suggested further gains may be tougher to find, with Britain’s FTSE 100 flat on the day.
The inflation talk encouraged a further sell-off in US Treasuries. The yield on the 10-year note rose as much as 0.03 percentage points to 1.20 per cent, before easing back to 1.17 per cent. The yield on the equivalent 30-year Treasury, meanwhile, topped 2 per cent for the first time in a year, before sliding slightly to 1.96 per cent. Elsewhere in markets, Bitcoin climbed to a record high after Elon Musk’s electric carmaker Tesla bought $1.5bn of the cryptocurrency.
#Brent #crude rose more than 1 per cent, crossing above $60 a barrel for the first time since January 2020, as traders bet that the market is rapidly tightening because of #Saudi Arabia-led supply cuts and a sharp drop in investment in the industry.