U.S. Stocks Rise on Earnings While Stimulus Bets Sink Bonds, Yen
- Pound jumps after BOE unexpectedly keeps rates steady
- Asian index futures signal gains after U.S. bank surge
Olivier Blanchard: Helicopter Money 'Largely a Scam'
U.S. stocks extended gains at an all-time high amid corporate results that pointed to resilience in the global economy, while Treasuries slid with the yen as speculation central banks will add to stimulus sapped demand for havens.
The S&P 500 rose to a fresh record, led higher by banks as the MSCI All-Country World Index climbed a sixth day, capping its longest rally since October. Emerging-market currencies strengthened amid commodity gains, while the yen was on track for its steepest weekly drop in 17 years versus the dollar on speculation Japan may resort to so-called helicopter money. The pound surged to a two-week high as the Bank of England held interest rates in its first decision since the U.K. voted to leave the European Union.