Actionable news
0
All posts from Actionable news
Actionable news in BZUN: Baozun Inc,

U.S. Stocks Advance to Highs as Dow Tops 19,000; Metals Rally

No compatible source was found for this media.

All four major U.S. stock benchmarks rallied to records, with the Dow Jones Industrial Average topping 19,000 for the first time. Metals climbed, while oil was little changed.

The Dow Average rose alongside the S&P 500 Index, the Nasdaq Composite Index and the Russell 2000 Index to all-time highs. The MSCI All Country World Index extended this month’s advance and emerging-market shares surged. Copper jumped to its highest since July 2015. Oil closed near $48 a barrel after an OPEC committee failed to agree on Iranian and Iraqi output levels. European bonds rallied on bets policy makers will extend their stimulus program.

Equities rose on speculation the world’s largest economy is strong enough to withstand higher borrowing costs. The market-implied odds of a Federal Reserve hike in December reached 100 percent, according to Bloomberg calculations based on futures. A rate increase “could well become appropriate relatively soon,” Fed Chair Janet Yellen said last week. The fresh stock highs also came as American companies ended a five-quarter profit slump.

“We’ve finally broken through to new records,” said Heinz-Gerd Sonnenschein, an equity strategist at Deutsche Postbank AG in Bonn, Germany. “We can move on to pricing in the improving outlook: there are strong signs that the U.S. economy is in good shape and that bodes well for corporate earnings.”

Sales of previously owned U.S. homes unexpectedly climbed in October to the highest level since February 2007, a sign of momentum in the housing market a month before a jump in borrowing costs, National Association of Realtors data showed Tuesday. Reports on new home sales, durable goods and manufacturing are due Wednesday, as well as minutes from this month’s Fed meeting. U.S. markets will be closed Thursday for the Thanksgiving holiday.

Stocks

MSCI’s...


More