U.S.
stocks rose to record levels and Treasuries gained a second day as
economic data showing uneven growth added to speculation the Federal
Reserve won’t rush to raise interest rates. Crude oil rallied.
The
Standard & Poor’s 500 Index advanced 0.3 percent to a record at
12:36 a.m. in New York. The Nasdaq Composite Index jumped 0.4 percent to
an all-time closing high. The yield on 10-year Treasury notes fell four
basis points to 2.21 percent, while the Bloomberg Dollar Spot Index
erased losses. The Stoxx Europe 600 Index added 0.4 percent. Oil climbed
3.1 percent.
Purchases
of previously owned homes unexpectedly fell in April, a sign the
industry’s recovery remains uneven, while U.S. jobless claims over the
past four weeks dropped to a 15-year low. Federal Reserve minutes on
Wednesday signaled officials are unlikely to raise rates in June, while
keeping open the option to tighten this year.
Fed
officials last month didn’t expect to raise rates at their June meeting
even as they concluded that a first-quarter economic slowdown was
unlikely to persist, the minutes showed. Fed Chair Janet Yellen is due
to give a speech Friday on the economic outlook.
Source: Bloomberg
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