Stocks Lifted by Earnings, Commodities Gain: Markets Wrap

U.S. stocks extended all-time highs amid corporate earnings and gains in commodities from oil to copper. Bonds bounced as investors waited for clues on the fate of the Federal Reserve balance sheet.

The S&P 500 Index advanced as results lifted stocks from AT&T Inc. to Boeing Co. Asian and European benchmark equity indexes rose, while crude climbed above $48 a barrel for the first time since early June. Copper reached a two-year high on expectations of increasing demand from China, while gold fell. Treasuries and European government bonds rose following Tuesday’s selloff.

More than 80 percent of S&P 500 companies have delivered earnings that have beaten forecasts so far this reporting period.

Investors see no chance of a rate increase in July.

Here are the main moves in markets:
Stocks

The S&P 500 gained 0.1 percent to 2,479.21 as of 10:29 a.m. in New York, after closing at a record on Tuesday.

The Dow Jones Industrial Average rose above 21,700 for the first time.

Boeing Co. jumped 8.1 percent to a record, while AT&T added 4 percent.

The Stoxx Europe 600 Index advanced 0.5 percent, the biggest gain in a week.

The U.K.’s FTSE 100 Index increased 0.4 percent.

Germany’s DAX Index climbed 0.2 percent.

Currencies

The Bloomberg Dollar Spot Index rose 0.1 percent.

The euro slipped less than 0.1 percent to $1.1642.

The British pound gained 0.1 percent to $1.3043, the strongest in more than a week.

The yen was little changed at 111.88 per dollar after declining 0.7 percent on Tuesday.

Commodities

Gold dipped 0.3 percent to $1,246.28 an ounce.

West Texas Intermediate crude advanced 1.3 percent to $48.53 a barrel, the highest in seven weeks.

Copper gained 1.2 percent. Read more about copper’s rally here.

The Bloomberg Commodity Index climbed 0.4 percent.

Source: Bloomberg Pro Terminal

Junior Trader Stefan Panteleev

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