WASHINGTON, June 26 ― Wall Street notched broad gains yesterday, with the S&P 500 index closing at a record and global shares also finished at an all-time high, while oil prices rose for a fifth straight week.
The Dow Jones Industrial Average rose 0.71 per cent to end at 34,438.58 points, while the S&P 500 gained 0.34 per cent. The Nasdaq Composite dropped 0.06 per cent after holding near the previous session's record high.The pan-European STOXX 600 rose 0.13 per cent, ending the week with gains of 1 per cent following sharp swings on concerns of higher inflation hitting real income and leading central banks to raise interest rates.
A build-up of financial stability risks linked to a low interest rate environment could lead to another downturn that interrupts the labor market recovery and impedes a return to maximum employment, Boston Federal Reserve Bank President Eric Rosengren said yesterday. “Bonds go up, equity goes up, commodities go up ― that is very much a liquidity-driven market,” Cheng said.
Brent futures rose 62 cents, or 0.8 per cent, to settle at US$76.18 a barrel, while US West Texas Intermediate crude rose 75 cents, or 1.0 per cent, to US$74.05.The Japanese yen strengthened 0.09 per cent versus the greenback and the euro was up 0.07 per cent.
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