Nasdaq Nears Record, Treasuries Rise as Dollar Weakens

Global stocks powered to their best weekly rally in nearly two years, sending two of the biggest equity benchmarks to the brink of records, on speculation the U.S. Federal Reserve will leave interest rates at zero past mid-year while European policy makers press stimulus. The dollar suffered its worst week since 2011 and oil rallied.

The Nasdaq Composite climbed 0.7 percent at 4 p.m. in New York, within 0.3 percent of its dot-com-era closing record, as Biogen Idec Inc. surged. The Stoxx Europe 600 rose 0.8 percent to a point from its March 2000 high. The Standard & Poor’s 500 Index jumped 0.9 percent, for its steepest weekly advance in six. The euro gained 1.6 percent to $1.0833, for the best week since October 2011. The yield on 10-year Treasury notes weakened four basis points to 1.93 percent. U.S. oil added 4 percent to $45.72 a barrel, the most since Feb. 12.