New York – Two major U.S. stock indexes set fresh intraday record highs on Thursday on investors’ rosy outlook for big banks’ second-quarter earnings, while European shares also rose and oil prices rebounded from the previous session’s bruising losses.
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Expectations of more central bank stimulus has contributed to stocks’ gains in the past week. The view that the U.S. economy is on solid footing, as well as reduced political uncertainty in Britain and Japan, have also buoyed stocks.
The benchmark S&P 500 hit 2,168.99, its fourth straight intraday record peak, while the Dow Jones industrial average hit 18,537.57 to mark its third straight intraday record high.
JPMorgan
The pan-European STOXX Europe 600 < .STOXX> and the FTSEurofirst 300 index of top regional shares both reached their highest levels since Britain voted on June 23 to exit the European Union, with bank shares rallying, but trimmed gains after the Bank of England caught investors off guard by keeping interest rates unchanged.
Thursday’s gains in U.S. and European shares helped push MSCI’s all-country world equity index to an eight-month high of 412.47. The S&P 500 hit record closing highs over the past three days, while the Dow has ended at record highs over the past two sessions.
Safe-haven assets such as U.S. Treasuries, gold, and the Japanese yen fell in value on the greater risk appetite
“The fact that is giving everyone hope is that JPMorgan’s revenues were strong and that shows business is being done,” said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
The MSCI world equity index < .MIWD00000PUS> was last up 0.67 percent, at 412.03.
The Dow Jones industrial average < .DJI> was last up 148.33 points, or 0.81 percent, at 18,520.45. The S&P 500 < .SPX> was up 13.83 points, or 0.64 percent, at 2,166.26. The Nasdaq Composite < .IXIC> was up 34.28 points, or 0.68 percent, at 5,040.00.
Europe’s broad FTSEurofirst 300 index < .FTEU3> was last up 0.95 percent, at 1,338.9.
Oil
Brent crude
“It’s always the case a day after a big rally or sell-off for people to feel it was overdone,” said Phil Flynn, an analyst with Chicago brokers Price Futures Group.
The dollar hit a nearly three-week high against the yen
Benchmark 10-year U.S. Treasury yields
Spot gold prices
All the evil Obama’s fault
Thank you Republican controlled House and Senate.