Stocks Beat Bonds by Most Since January as Crude Oil Climbs

Global stocks rose in July, beating bonds and the dollar by the most since at least January, while commodities had the best returns in 11 months as corporate profits topped analysts’ estimates and investors reversed bets on when the Federal Reserve will reduce stimulus.

The MSCI All-Country World Index of equities in 45 markets climbed 4.8 percent, including dividends, as the Standard & Poor’s 500 Index rose to a record. Bonds of all types returned 0.3 percent on average, ending two months of losses, according to Bank of America Merrill Lynch’s Global Broad Market Index of 20,000 fixed-income securities. The Bloomberg Dollar Index slipped 1.4 percent as investors sought higher-risk assets. The S&P GSCI Total Return Index of 24 commodities climbed 4.9 percent, the most since August last year.