U.S. stocks are closing in on record highs, with the Standard & Poor’s 500 Index rebounding at the fastest pace since February, as concerns over global crises give way to optimism that central banks will continue to accommodate a recovering economy.
More than $710 billion has been restored to American equities in the past month and the S&P 500 is within 0.3 percent of an all-time high amid bets that the Federal Reserve will leave interest rates near zero for longer even as economic growth shows signs of accelerating. The U.S. equity benchmark added 0.5 percent to 1,981.60 at 4 p.m. in New York today.
Stocks rallied today as retailers led gains on better-than-projected earnings while data showed inflation pressures remain limited and housing starts jumped. The Nasdaq Composite added 0.4 percent, its fifth straight day of increases, to the highest level since 2000. The Dow Jones Industrial Average rose 80.85 points, or 0.5 percent, to 16,919.59, still 219 points from its record. Apple (AAPL) Inc. jumped 1.4 percent to close at an all-time high.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.