S&P 500 Climbs to Record High as Dollar Rallies; Treasuries Drop
- Theresa May’s elevation as prime minister boosts U.K. assets
- Asian index futures tip more gains after Japan stock surge
Why Do Stock Indexes Keep Grinding Higher?
Stocks rose, sending the S&P 500 Index to an all-time high on speculation the U.S. economy remains strong enough to propel global growth without forcing the Federal Reserve to raise interest rates. The dollar climbed with industrial metals.
The U.S. equity benchmark topped its intraday record from May 2015, extending a rally sparked by Friday’s jobs data, which restored confidence in the world’s largest economy. Treasuries fell from record highs, while emerging-market assets surged. Japanese shares rallied as the yen slid after Prime Minister Shinzo Abe’s success in upper house elections spurred bets he’ll boost fiscal stimulus. The FTSE 100 Index entered a bull market as political turmoil in the U.K. eased. Nickel advanced with copper, while oil fell from a two-month high.