Bloomberg
(Bloomberg) -- Stocks climbed as confidence returned to markets, with investors shaking off concern about the impacts of higher Treasury yields.Companies tied to economic reopenings and faster growth led the gains on Monday amid a broad-based rally. The S&P 500 was on track for its biggest advance in almost four months, while the Russell 2000 of small caps outperformed major benchmarks. Johnson & Johnson rose after the Centers for Disease Control and Prevention formally recommended its Covid-19 shot. Zoom Video Communications Inc. surged ahead of its quarterly results.Read: Stock Bulls Have Stopped Pretending to Care About Balance SheetsLonger-dated Treasuries resumed their selloff Monday even as intermediate maturities found support, with traders priming themselves for how Federal Reserve officials slated to speak this week might respond to the recent tumult. After intense volatility in bond markets, investors piled back into risk assets. Stocks rebounded following a two-week selloff that was triggered by concern that progress in battling the coronavirus as well as massive stimulus have left some areas of the economy at risk of possibly overheating.“Equity investors are still looking at the rise in rates mostly as ‘a good thing’ and not yet as a threat, notwithstanding some shaking of the tree in high multiple stocks and other parts of the market last week,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group. “The benefits of the vaccines versus the challenge of higher rates will be the theme this year.”Read: Investors Poured Record $86 Billion Into Equity ETFs in FebruaryBitcoin rallied after a volatile weekend session, riding a broad resurgence in risk assets and a bullish report from Citigroup Inc. The bank’s strategists laid out a case for the digital asset to play a bigger role in the global financial system, saying the cryptocurrency could become “the currency of choice for international trade” in the years ahead.There are some key events to watch this week:U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the main moves in markets:StocksThe S&P 500 Index climbed 2.2% as of 11:34 a.m. New York time.The Stoxx Europe 600 Index surged 1.8%.The MSCI Asia Pacific Index added 1.8%.The MSCI Emerging Market Index climbed 1.8%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.2%.The euro dipped 0.2% to $1.2054.The Japanese yen depreciated 0.1% to 106.63 per dollar.BondsThe yield on 10-year Treasuries rose three basis points to 1.43%.Germany’s 10-year yield decreased eight basis points to -0.34%.Britain’s 10-year yield sank seven basis points to 0.752%.CommoditiesWest Texas Intermediate crude gained 0.4% to $61.77 a barrel.Gold added 0.1% to $1,736.42 an ounce.Silver strengthened 0.5% to $26.81 per ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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