U.S. stocks end at record highs as oil prices gain
U.S. and global equity benchmarks hit all-time highs on Monday, as the Federal Reserve appeared in no rush to step away from its massive stimulus, and U.S. oil prices finished higher.
MSCI's benchmark for global equity markets (.MIWD00000PUS) hit a record. The S&P 500 .SPX and Nasdaq (.IXIC) also rose to all-time highs as dovish remarks from the Fed last week bolstered optimism in an economic rebound and eased fears of a sudden tapering in monetary stimulus.
The S&P 500 (.SPX) gained 0.43%, to 4,528.76 and was on track to finish the month up more than 3%, and the Nasdaq Composite (.IXIC) added 0.9% to 15,265.72 as investors jumped into technology stocks.
High-growth tech stocks tend to benefit from expectations of lower rates because their value rests heavily on future earnings.
The Dow Jones Industrial Average (.DJI) fell 0.16% to 35,399.84.
The Europe-wide STOXX 600 (.STOXX)rose 0.07% and was on course to end August with a rise of more than 2% - its seventh month of gains in what would be its longest such winning run in over eight years.
Asian stocks hit a two-week high (.MIAPJ0000PUS) and Japan's blue-chip Nikkei (.N225) closed up 0.5%.
Positive sentiment in equity markets was underpinned by Friday's Jackson Hole, Wyoming, speech by Fed Chair Jerome Powell in which he said tapering of stimulus measures could begin this year, but added the central bank would remain cautious.
Reference: Reuters
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