S&P 500 Tops 2,500, as Dollar Slips on Retail Data: Markets Wrap
- Treasuries fall, sending 10-year yield toward 2.2 percent
- Markets show resilience in face of North Korea missile test
Nomura: Market Must Get to Grips With BOE Hikes
U.S. stocks capped the best week since January, with the S&P 500 Index climbing above 2,500 for the first time, as investors showed resilience in the face of a North Korean missile test. The dollar weakened after an unexpected decline in August retail sales raised concern over the economy’s strength.
Investors largely shrugged off the latest rise in tensions on the Korean peninsula and a terrorist attack in London, with haven assets from the yen to gold declining. The S&P 500 took the round-number milestone in the final minutes of trading to end the week with a 1.6 percent advance. The Dow Jones Industrial Average also closed at a record. The greenback pared its biggest weekly gain since February as the Bank of England’s hawkish shift bolstered the pound. Oil ended near $50 a barrel to cap its best week since July. Yields on 10-year Treasuries topped 2.2 percent.