The S&P 500 continued to trade near record highs Tuesday, led by energy and consumer stocks, but some on Wall Street are calling for caution as the latest acceleration pushed stocks into “overbought” territory.
A gauge of Asian shares climbed to three-week highs on Wednesday as investors eyed the upcoming earnings season for further signs of a global economic recovery, while the dollar slipped to a two-week low.
The dollar fell sharply against its rivals Monday, paced by declining U.S. bond yields, but the pullback could be short-lived as the expected rise in rates has forced some on Wall Street to ease their bearish bets on the greenback.
For better or worse, the world’s oil producers decided last week to defy Saudi Arabia and push for higher output over the next three months. After patting them on the back — even rewarding them — the market is now saying it was definitely for the worse.
U.S. stocks rallied on Monday with the Dow and S&P 500 closing at record levels, as a round of strong economic data buoyed investor optimism for the economic reopening and a muted climb in the 10-year U.S. Treasury yield kept inflation worries in check.
Asian equities are poised to rise on Tuesday after the S&P 500 and Dow indexes set records as a streak of strong U.S. economic data fueled optimism even as a smaller-than-expected climb in 10-year Treasury notes eased inflation concerns.