Only Game in Town, U.S. Stocks Surge to Records in Yield Chase
- S&P 500 jumps 7% in 13 sessions to erase May sell-off
- Dow average also nears record; small caps still 10% away
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U.S. stocks surged to an all-time high as global central banks signaled a rising willingness to stimulate growth, sending bond yields tumbling to multiyear lows.
The S&P 500 jumped 1% at 9:31 a.m. in New York, surpassing its all-time closing high of 2,945.83 set April 30. The Dow Jones Industrial Average rallied 245 points, withing striking distance of its first record since October. Stocks had plunged 6.6% in May as President Donald Trump pressed his trade war with China and the bond market rallied, signaling a potential slowdown in the economy.