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Stocks Climb to All-Time Highs While Bonds Retreat: Markets Wrap

  • Yields rise after touching February lows earlier this week
  • S&P 500, Dow, Nasdaq Composite and 100 close at record levels
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WATCH: HSBC’s Steven Major sees the yield on 10-year Treasuries moving lower.Source: Bloomberg
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U.S. stocks registered more fresh record highs amid a broad-based rebound and Treasuries snapped an eight-day rally fueled by concerns about global growth amid the spread of Covid-19 variants.

The benchmark S&P 500 rose 1.1%, rebounding from the biggest one-day drop in about three weeks on Thursday. The Dow Jones Industrial, Nasdaq Composite and Nasdaq 100 indexes also finished at all-time highs on the same day with the S&P for a second time this month. Financial shares led the gains with rising yields increasing the outlook for profits. The dollar weakened against a basket of major currencies and oil gained for a second day.