Stocks Notch Longest Weekly Rally Since October: Markets Wrap
A monitor displays an S&P 500 chart on the floor of the New York Stock Exchange in New York, U.S. (Photographer: Michael Nagle/Bloomberg)

Stocks Notch Longest Weekly Rally Since October: Markets Wrap

Stocks climbed to another record as investors shrugged off concern over inflation and focused on prospects for an economic rebound. Treasuries fell, while the dollar advanced.

The S&P 500 closed above 4,100 and posted its third-straight weekly rally -- the longest winning streak since October. Volume on U.S. exchanges hit a new low for this year. Honeywell International Inc. led gains in the Dow Jones Industrial Average on an analyst upgrade. Boeing Co. retreated after grounding dozens of 737 Max jets to repair an electrical flaw that emerged in recently delivered models.

Equities extended a surge from their March 2020 lows to about 85% as Federal Reserve officials reassured markets that policy will remain supportive. Vice Chairman Richard Clarida said the Fed is looking for evidence on whether it’s reaching the goals on price stability and employment before adjusting rates. Still, a report showing the rise in producer prices added fuel to the debate about the path of inflation.

“It’s noisy data,” said Giorgio Caputo, senior fund manager at J O Hambro Capital Management. “It’s important to remember the positive elements of what is actually happening -- prices are going up because we’re getting demand back together.”

Stocks Notch Longest Weekly Rally Since October: Markets Wrap

These are some of the main moves in markets:


  • The S&P 500 climbed 0.8% at 4 p.m. New York time.
  • The Stoxx Europe 600 Index gained 0.1%.
  • The MSCI Asia Pacific Index decreased 0.5%.


  • The Bloomberg Dollar Spot Index gained 0.1%.
  • The euro fell 0.1% to $1.1904.
  • The Japanese yen weakened 0.4% to 109.65 per dollar.


  • The yield on two-year Treasuries rose one basis point to 0.16%.
  • The yield on 10-year Treasuries rose four basis points to 1.66%.
  • The yield on 30-year Treasuries rose two basis points to 2.33%.


  • West Texas Intermediate crude fell 0.5% to $59.32 a barrel.
  • Gold slid 0.7% to $1,742.83 an ounce.

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