U.S. Stocks Rise to Records, Treasuries Rally: Markets Wrap
- Dow average notches first high since October, S&P up five days
- Traders contemplate Lagarde at the ECB, Trump’s Fed nominees
Major U.S. indexes rose to all-time highs in thin trading ahead of a holiday and the rally in global bonds extended as investors weighed the prospect of more dovish appointees to two of the world’s major central banks.
The Dow Jones Industrial Average notched its first record since October, while the S&P 500 climbed a fifth day to extend its high. Futures on the broader index briefly topped 3,000 for the first time. The Nasdaq indexes rose past closing records set in early May. Stock investors piled into high dividend-yielding sectors like utilities and REITs after 10-year Treasury yields dipped to the lowest since November 2016 on rising market bets that the Federal Reserve will cut rates this month. Markets closed at 1 p.m. ahead of the July 4 holiday.