NEW YORK, June 12 — European shares, the S&P 500 and an index of global stock performance scaled new peaks while yields on US, Japanese and European government debt fell yesterday as investors embraced the easy monetary policies of major central banks.
The MSCI all-country world equity index, a benchmark that tracks shares in 50 countries, set a new intraday high and record close at 719.52, up 0.2 per cent in a late-day surge that also lifted the S&P 500 to an all-time close. “You’ve seen an increasing comfort level with the Fed’s stance that inflation is going to be transitory, and as that sinks in, you continue to see large buyers of bonds, which is keeping yields from rising,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
The Dow Jones Industrial Average rose 0.04 per cent, the S&P 500 gained 0.19 per cent and the Nasdaq Composite added 0.35 per cent. “Value-oriented cyclical companies with good quality balance sheet are probably the best deal in this kind of market,” Ablin said.Yields on 10-year US Treasury notes slid 0.5 basis points to 1.4535 per cent after earlier declines that positioned the benchmark for its biggest weekly decline in a year.
The euro and sterling dipped against the dollar as investors bet interest rates would stay lower for longer in Europe.
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