Technology Shares Surge as U.S. Stocks Pad Records: Markets Wrap

(Bloomberg) -- U.S. stocks plowed to new records amid a broad rally in technology shares, as investors speculated the Trump administration will make progress this week on trade spats. Oil surged toward $70 a barrel..The S&P 500 Index rose a fourth day to close above 2,900 for the first time, as Amazon.com and Alphabet climbed following an upbeat report from Morgan Stanley. The Nasdaq indexes hit fresh highs. The dollar weakened versus major peers, emerging-market equities edged higher and Treasuries slipped..The pound rallied after the European Union revived hopes of a Brexit deal before the U.K. exits the common area in March. Earlier, shares in Japan and Australia set the pace as the MSCI Asia Pacific Index climbed, though stocks in China dropped. The euro weakened after the Italian government was reported to be hoping for a new program of European Central Bank bond purchases..Investors piled into American equities as the Northern hemisphere’s traditional vacation period grinds to a close. While risks abound, from legal threats to President Donald Trump’s administration and turmoil in emerging markets to ongoing trade tension between the world’s major economies, signs are emerging Canada may join Mexico to reach a pact with the U.S..Terminal users can read more in our Bloomberg Markets Live blog here..Here are some key events coming up this week:.China’s official factory PMI are due Friday.Earnings are due from companies including Pernod Ricard and Dollar General.The Bank of Korea sets policy on Friday. Weak jobs growth has cooled speculation of an interest-rate increase. .These are the main moves in markets:.Stocks.The S&P 500 rose 0.6 percent to 2,9113.53 at 4 p.m. New York time. The Dow added 53 points to 26,117.The Nasdaq 100 Index jumped 1.2 percent.The Stoxx Europe 600 Index increased 0.2 percent.The MSCI Asia Pacific Index gained 0.2 percent to the highest in almost three weeks.The MSCI Emerging Market Index added 0.1 percent..Currencies.The Bloomberg Dollar Spot Index slipped 0.2 percent.The euro added 0.1 percent to $1.1705.The British pound rose 1.2 percent to $1.3027.The Japanese yen decreased 0.5 percent to 111.694 per dollar..Bonds.The yield on 10-year Treasuries rose less than one basis point to 2.8858 percent.Germany’s 10-year yield gained two basis points to 0.40 percent, the highest in more than three weeks.Britain’s 10-year yield increased four basis points to 1.489 percent, the highest in 14 weeks..Commodities.West Texas Intermediate crude increased 1.7 percent to $69.71 a barrel, the highest in seven weeks.Gold futures fell 0.2 percent to $1,212.50 an ounce..--With assistance from Adam Haigh, Gina Martin Adams, Kevin Kelly and Samuel Potter..To contact the reporter on this story: Jeremy Herron in New York at jherron8@bloomberg.net.To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Todd White.©2018 Bloomberg L.P.

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Technology Shares Surge as U.S. Stocks Pad Records: Markets Wrap

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