Stocks Stage Late Rally to Set Another Record High: Markets Wrap
- Bitcoin continues to whipsaw investors; dollar holds steady
- Oil is little changed after touching more than two-year high
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U.S. stocks turned higher in the last hour of trading to close at another record, while the rally in bond markets lost steam as investors prepared for a key Federal Reserve meeting later in the week. Oil touched the highest in more than two years.
The information technology and communication services sectors pushed the S&P 500 to an all-time high even as three stocks fell for every one that rose. Financials dropped as JPMorgan Chase Chief Executive Officer Jamie Dimon suggested Wall Street’s pandemic-era trading boom could be drawing to a close. The Treasury 10-year yield rose to 1.50% after hitting three-month lows on Thursday amid the biggest weekly slide since December.