Stocks Post Longest Rally Since August; Oil Gains: Markets Wrap
- Reflation bets return as Yellen advocates robust stimulus bill
- Bitcoin jumps to a record after Tesla bought $1.5 billion
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Rising prospects for a robust federal spending package, coupled with a slowdown in virus infection rates, sent U.S. stocks higher for the sixth straight session.
The S&P 500 Index rose 0.7% to an all-time high, spurred by fresh signs the Biden administration is committed to passing a sizable aid bill to address unemployment. An increase in vaccination numbers boosted optimism that the economy will take off later this year. Treasuries started the day lower, but mostly erased losses on speculation recent declines had gone too far with the latest economic data showing some weakness.