All four major U.S. equity benchmarks climbed to record highs as oil jumped on optimism OPEC will agree to cut output. The yen rose as markets digested reports of a tsunami warning in the Fukushima region.
The S&P 500 Index, the Dow Jones Industrial Average, the Nasdaq Composite Index and the Russell 2000 Index rallied together to their all-time peaks for the first time since 1999. Oil surged as Iran signaled optimism that OPEC will agree to a supply-cut deal and Iraq said it will offer new proposals to help bolster unity before next week’s meeting in Vienna. The dollar halted its longest advance ever against the euro. The yen climbed after a magnitude 7.3 earthquake struck Japan off the coast of Fukushima, home to the nuclear power plant badly damaged in a March 2011 quake, triggering a tsunami alert.
The S&P 500 rose 0.8 percent to 2,198.18 at 4 p.m. in New York. The Dow Average and the Nasdaq advanced more than 0.4 percent. The Russell 2000 of smaller companies rose for a 12th day in its longest rally since 2003.
Asian stocks rose on Tuesday in the wake of solid gains in U.S. markets overnight, while the Japanese yen briefly strengthened after a powerful earthquake rocked northern Japan.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.53 percent, pulled up by a 1.0 percent rally in Australian shares. Korean shares are also seen gaining in opening trades.
Reference: Reuters, Bloomberg
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