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Global Stocks Rally as Investors Regain Some Nerve

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Global stocks snapped higher Tuesday, in line with a retreat in bond yields after Federal Reserve officials signaled the recent yield surge could justify caution on interest rates, while oil eased, but violence in the Middle East made for nervy trading.

The MSCI All-World index rose for a fifth day, up 0.5%, after having hit five-month lows last week, thanks in part to a 1.4% rise in Europe's STOXX 600.

The Israeli military has since said it called up an unprecedented 300,000 reservists and was imposing a total blockade on the Gaza Strip, raising expectations of a possible ground assault. Israeli markets and the shares of companies exposed to Israel have been hit hard. The shekel, which hit a near-eight year low against the dollar the day before, was down 0.3% on the day, while the cost of insuring against the risk of sovereign default surged to its highest since 2016.

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