Global stocks erased losses sparked by the Brexit vote and the Dow Jones Industrial Average reached its first record in 13 months as the prospect of ongoing global stimulus spurred demand for commodities and other risk assets. Treasuries tumbled.
The MSCI All-Country World Index climbed a fourth day, capping a 7.9 percent advance from a nadir reached in the days after the U.K. referendum on its membership of the European Union. U.S. crude oil surged the most in three months, jumping with nickel as the pound rose the most since before the vote. Haven assets were shunned, with Treasuries capping their biggest two-day selloff this year amid waning demand at a second bond auction. The yen had its biggest two-day slide since 2014 as gold slumped the most in seven weeks.
