U.S. stock benchmarks jumped the most in a month, powering to fresh records as the bond selloff eased, fueling demand for dividend-yielding equities amid mounting speculation the European Central Bank will extend its asset-buying program.
Both the S&P 500 Index and the Dow Jones Industrial Average climbed to all-time highs as telecommunications and property stocks joined the post-U.S. election rally. Biotechnology companies tumbled the most since October after President-elect Donald Trump said he opposes of high drug prices. Treasuries advanced and bonds rose across the euro area, with 10-year German bund yields falling from their highest point in almost three weeks. Oil fell below $50 a barrel, sparking a retreat in industrial metals. Gold and the yen rose.