Pursuits
S&P 500 Closes Near High on Fed Bets Amid Mixed Data; Oil Rises
- Treasuries stuck in tightest monthly trading range in decade
- Measure of cross-asset volatility near lowest level this year
Is the U.S. Stock Market Rally Running Out of Steam?
This article is for subscribers only.
U.S. stocks closed near a record high after mixed data in the world’s largest economy bolstered speculation the Federal Reserve will be in no rush to raise interest rates. Oil climbed.
The dissonance of reports showing a surge in American new home sales and a slowdown in manufacturing brought into question the hawkish tone of recent comments from Fed officials, keeping the relative sense of calm across asset classes. The S&P 500 Index briefly topped its record closing high, while Treasury 10-year notes were stuck in the tightest monthly trading range since 2006. Oil rallied on speculation that Iran may be more willing to cooperate with other producers seeking to freeze output.