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Global stocks at new highs, crude rises on global growth outlook

EconomyNov 08, 2021 08:57PM ET
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2/2 © Reuters. FILE PHOTO: A man wearing a protective mask, amid the COVID-19 outbreak, walks past an electronic board displaying Japan's Nikkei index outside a brokerage in Tokyo, Japan, September 21, 2021. REUTERS/Kim Kyung-Hoon 2/2

By Katanga Johnson

WASHINGTON (Reuters) - World shares hit new highs on Monday as investors welcomed the passage of a U.S. infrastructure spending bill, while crude oil gained on the outlook for energy demand in an expansive global economy.

The benchmark S&P 500 index and the Nasdaq extended their run of all-time closing highs to eight straight sessions, while the blue-chip Dow notched its second consecutive record closing high.

In Canada, the Toronto Stock Exchange's S&P/TSX composite index closed at a record for the third straight day while MSCI's all-country world index closed higher for a six successive session.

A 4.9% decline in Tesla (NASDAQ:TSLA) Inc shares weighed on the S&P 500. Tesla fell after Chief Executive Elon Musk's Twitter (NYSE:TWTR) poll on whether he should sell about 10% of his stock in the electric automaker.

"The majority voted for him to sell, which effectively signals that he is going to dump stock on the market," said Russ Mould, investment director at AJ Bell.

The pan-European STOXX 600 index rose 0.06%.

World shares have rallied as relatively dovish talk from central bank officials last week and strong U.S. labor data on Friday bolstered investor optimism over solid earnings results on both sides of the Atlantic.

But a tight U.S. labor market along with the dislocation in global supply chains could result in a high reading for consumer prices on Wednesday. Strong inflation likely would rekindle talk of Federal Reserve raising interest rates earlier than expected.

Most U.S. Treasury yields rose after Congress passed a long-delayed $1 trillion infrastructure bill on Saturday, though a broader social safety net plan remains elusive.

Demand was soft for three-year notes at auction.

The benchmark 10-year yield rose 4 basis points at 1.4932%.

Oil prices rose and the United States said it was weighing options to address high prices. Brent crude rose 69 cents to settle up at $83.43 a barrel. U.S. crude rose 66 cents to settle at $81.93 a barrel.

Short-term inflation expectations increased in October, according to survey findings released by the New York Federal Reserve on Monday, and consumers' expectations for how much money they will earn and spend over the next year rose to the highest level in eight years.

Median expectations rose in October to 5.7% for what inflation will be one year from now from 5.3% in September. It was the 12th straight monthly increase and a new high for the survey launched in June 2013. Medium-term expectations for what inflation will be in three years remained unchanged at 4.2% after three consecutive monthly increases.

The dollar dipped after hitting 15-month highs last week.

The dollar index, which tracks the greenback versus a basket of six currencies, fell 0.172% to 94.055.

The euro slid 0.01% to $1.1585, while the yen traded remained unchanged at $113.2200.

Gold rose to a two-month high, bolstered a weaker dollar and persistent inflation concerns.

U.S. gold futures settled 0.6% higher at $1,828 an ounce.

Cryptocurrencies, which like gold pay no coupon and are seen as a possible hedge against inflation, also rose. Ether hit a record peak and bitcoin jumped to a three-week high.

Bitcoin last rose 4.6% to $66,240.26.

Global stocks at new highs, crude rises on global growth outlook
 

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Comments (10)
George Pichurov
George Pichurov Nov 08, 2021 9:16PM ET
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Global growth outlook, but... yields falling.
Me comment
Me comment Nov 08, 2021 9:19AM ET
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Bought the exact same groceries first time October 1st and then again November 6th. Result cost on October 1 $156.43 on November 6 $147.79. Also e85 gas was $3.1599 on October 1 and $3.0999 on November 6 from same station. Inflation?
Empire Destroyer
Empire Destroyer Nov 08, 2021 9:19AM ET
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Looks like October you bought in a decent supermarket and bought branded stuff. November you went to a discount supermarket and bought same stuff
Empire Destroyer
Empire Destroyer Nov 08, 2021 9:19AM ET
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In UK, some buy at Sainsburys and say it's expensive, next month they buy at Aldi and say prices gone down 🤣
Chris Hall
Chris Hall Nov 08, 2021 9:19AM ET
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🤦
Matt Kay
Matt Kay Nov 08, 2021 9:15AM ET
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Stonks are "GUARDED" when they are 50 basis higher. Did you get that? BUY THE DIP!!!
Jo Pa
Jo Pa Nov 08, 2021 9:04AM ET
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Inflation is a tax on the middle class. Printing money to pay debt creates inflation.
Junk Man
Junk_Man Nov 08, 2021 6:52AM ET
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Market will shrug off any negative and hit record highs...
jason xx
jason xx Nov 08, 2021 6:16AM ET
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What about Tuesdays inflation report is that chopped liver?
Dave Jones
Dave Jones Nov 08, 2021 5:18AM ET
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no inflation
jj mm
jj mm Nov 08, 2021 4:20AM ET
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high inflation? No...Powell says it is transitory. Do you believe him?
Thor Gao
Thor Gao Nov 08, 2021 4:20AM ET
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i do whatever dictator said is right and truth
Fong SH
Fong SH Nov 07, 2021 10:19PM ET
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DJI dued for a pull back as it has been going up for few months now 35,000 will be a comfortable level to move forward to 2022
Bob Ruckle
Bob Ruckle Nov 07, 2021 9:55PM ET
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Sleepy Joe's fix, sell some Hunter paintings to the Saudis.
 
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