U.S. stocks plowed to new records amid a broad rally in technology shares, as investors speculated the Trump administration will make progress on trade spats. Oil surged toward $70 a barrel.
The S&P 500 Index rose a fourth day to close above 2,900 for the first time, as Amazon.com and Alphabet climbed following an upbeat report from Morgan Stanley. The Nasdaq indexes hit fresh highs. The dollar weakened versus major peers, emerging-market equities edged higher and Treasuries slipped.
The pound rallied after the European Union revived hopes of a Brexit deal before the U.K. exits the common area in March. Earlier, shares in Japan and Australia set the pace as the MSCI Asia Pacific Index climbed, though stocks in China dropped. The euro weakened after the Italian government was reported to be hoping for a new program of European Central Bank bond purchases.
Investors piled into American equities as the Northern hemisphere’s traditional vacation period grinds to a close. While risks abound, from legal threats to President Donald Trump’s administration and turmoil in emerging markets to ongoing trade tension between the world’s major economies, signs are emerging Canada may join Mexico to reach a pact with the U.S.