U.S. stocks rose to record levels and Treasuries gained a second day as economic data showing uneven growth added to speculation the Federal Reserve won’t rush to raise interest rates. Crude oil rallied.
The Standard & Poor’s 500 Index advanced 0.3 percent to a record at 12:36 a.m. in New York. The Nasdaq Composite Index jumped 0.4 percent to an all-time closing high. The yield on 10-year Treasury notes fell four basis points to 2.21 percent, while the Bloomberg Dollar Spot Index erased losses. The Stoxx Europe 600 Index added 0.4 percent. Oil climbed 3.1 percent.
Purchases of previously owned homes unexpectedly fell in April, a sign the industry’s recovery remains uneven, while U.S. jobless claims over the past four weeks dropped to a 15-year low. Federal Reserve minutes on Wednesday signaled officials are unlikely to raise rates in June, while keeping open the option to tighten this year.
Fed officials last month didn’t expect to raise rates at their June meeting even as they concluded that a first-quarter economic slowdown was unlikely to persist, the minutes showed. Fed Chair Janet Yellen is due to give a speech Friday on the economic outlook.