World Market News

Stocks Jump to More Than Month High; Yields Climb: Markets Wrap

Stocks climbed to a more than one-month high on renewed optimism that U.S. lawmakers could still reach an agreement on additional stimulus. Treasuries and the dollar fell.

The S&P 500 gained 1.7% after a barrage of overnight tweets from President Donald Trump advocating a piecemeal approach. Trump sent stocks tumbling late Tuesday by ending talks with Democrats. Speaker Nancy Pelosi signaled openness to a standalone airline relief bill in a conversation with Treasury Secretary Steven Mnuchin on Wednesday.

Asian stocks looked set for gains after renewed optimism that U.S. lawmakers could still reach an agreement on fiscal stimulus. The dollar slipped. Futures rose in Japan, Hong Kong and Australia, following the S&P 500’s 1.7% overnight advance. Nancy Pelosi signaled openness to an airline-relief bill in talks with Steven Mnuchin after President Donald Trump scuttled broader negotiations. Treasuries declined, sending the 10-year yield up to 0.79%. Oil dropped after U.S. government data showed the first crude stockpile gain in four weeks, adding to concerns over a demand recovery.

Stocks

The S&P 500 Index rose 1.7% to 3,419.45 as of 4:07 p.m. New York time, the highest in more than a month.

The Dow Jones Industrial Average gained 1.9% to 28,303.46, the highest in five weeks on the biggest rise in 12 weeks.

The Nasdaq Composite Index increased 1.9% to 11,364.60, the highest in almost five weeks.

The Nasdaq 100 Index climbed 1.9% to 11,503.20.

The Stoxx Europe 600 Index fell 0.1% to 365.45, the first retreat in a week and the largest fall in more than a week.

Currencies

The Bloomberg Dollar Spot Index fell 0.1% to 1,172.49.

The euro rose 0.2% to $1.1763.

The Japanese yen depreciated 0.3% to 105.99 per dollar, the weakest in almost four weeks.

Bonds

The yield on 10-year Treasuries increased five basis points to 0.79%, the highest in almost four months.

The yield on 30-year Treasuries increased five basis points to 1.59%, the highest in four months.

Germany’s 10-year yield gained one basis point to -0.49%, the highest in almost three weeks.

Britain’s 10-year yield rose two basis points to 0.303%, the highest in more than five weeks.

Commodities

West Texas Intermediate crude decreased 1.7% to $39.98 a barrel.

Gold strengthened 0.5% to $1,887.65 an ounce.

Copper climbed 2.1% to $3.03 a pound, the highest in a week.