Stocks Post Longest Rally Since August; Oil Gains: Markets Wrap
Bloomberg 2/8/2021 Adam Haigh and Anchalee Worrachate
(Bloomberg) Rising prospects for a robust federal spending package, coupled with a slowdown in virus infection rates, sent U.S. stocks higher for the sixth straight session.
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The S&P 500 Index rose 0.7% to an all-time high, spurred by fresh signs the Biden administration is committed to passing a sizable aid bill to address unemployment. An increase in vaccination numbers boosted optimism that the economy will take off later this year. Treasuries started the day lower, but mostly erased losses on speculation recent declines had gone too far with the latest economic data showing some weakness.
U S stocks rise for sixth day as bonds dip, oil gains
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Futures Hit New Record High As 30Y Rises Above 2%, Oil Tops $60
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(Bloomberg) Rising prospects for a robust federal spending package, coupled with a slowdown in virus infection rates, sent U.S. stocks higher for the sixth straight session. The S&P 500 Index rose 0.7% to an all-time high, spurred by fresh signs the Biden administration is committed to passing a sizable aid bill to address unemployment. An increase in vaccination numbers boosted optimism that the economy will take off later this year. Treasuries started the day lower, but mostly erased losses on speculation recent declines had gone too far with the latest economic data showing some weakness. Commodities prices pointed to renewed optimism in the global economic recovery. Brent oil advanced above $60 a barrel for the first time in more than a year, while copper climbed for a second day and iron ore prices rebounded. Bitcoin jumped to a record after Tesla Inc. bought $1.5 billion of the cryptocurrency. “As people feel safer, investors can expect the economy to experience a rebound tha