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U.S. Stocks Climb to Record; Crude Oil Rallies: Markets Wrap

Bloomberg logoBloomberg 2/12/2021 Vildana Hajric

(Bloomberg) -- U.S. stocks advanced as investors looked toward signs that Washington is moving ahead with a spending bill. Oil futures rallied, while yields on benchmark Treasury notes rose past 1.2%.

The S&P 500 closed at an all-time high ahead of a three-day weekend, adding more than 1% for the week, with energy producers among the best performers. Expedia Group Inc. fell after reporting results that missed expectations. European stocks gained.

Hovering near record highs, stocks are looking for fresh catalysts. Even as vaccines are distributed to millions, the emergence of new virus variants threaten to extend lockdowns and delay economic recoveries. House Democrats made progress on the spending bill, approving $1,400 checks to most Americans. The Senate remained occupied by former President Donald Trump’s impeachment trial.

“Largely moving sideways is a reflection of the fact that we’ve had some pretty significant volatility in the two weeks preceding that and now we’re waiting for some of the current catalysts to manifest themselves,” said Arthur Hogan, chief market strategist at National Securities Corp.

graphical user interface, chart: U.S. equity volumes approach peak seen during pandemic crash © Bloomberg U.S. equity volumes approach peak seen during pandemic crash

The MSCI World index of global stocks climbed 1.8% in the past five days, setting its own record.

Part of the driver for the rally is that investors believe President Joe Biden’s Covid-19 relief package will deliver plenty of aid to the U.S. economy. At the same time, the vaccine rollout is making progress. Biden announced on Thursday that the U.S. has finished deals for 100 million additional vaccine doses each from Pfizer Inc. and Moderna Inc.

Here are the main moves in markets:

Stocks

The S&P 500 Index rose 0.5% at 4 p.m. in New York.
The Nasdaq Composite Index rose 0.5%.
The Dow Jones Industrial Average added 0.1%.
The MSCI All-Country World Index gained 0.4% with its 10th straight advance.

Currencies

The Bloomberg Dollar Spot Index rose less than 0.1%.
The euro fell 0.1% to $1.2116.
The Japanese yen weakened 0.2% to 104.97 per dollar.

Bonds

The yield on 10-year Treasuries rose four basis points to 1.21%.
Germany’s 10-year yield jumped three basis points to -0.43%, the highest in more than five months.
Britain’s 10-year yield rose five basis points to 0.52%, the highest in about 11 months.

Commodities

West Texas Intermediate crude jumped 2.3% to $59.59 a barrel, the highest in more than two years.
Gold slipped 0.3% to $1,819.54 an ounce.

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