US stocks advanced yesterday, extending the longest rally since January for the Standard & Poor’s (S&P) 500 index, after US forces killed Osama bin Laden.
|||US stocks advanced yesterday, extending the longest rally since January for the Standard & Poor’s (S&P) 500 index, after US forces killed Osama bin Laden.
The S&P 500 advanced 0.2 percent in New York for a fifth consecutive gain, while the Stoxx Europe 600 index climbed for an eighth day.
The dollar index slumped for a 10th consecutive day, its longest losing streak in seven years, as investors sought higher-yielding assets on bets the Federal Reserve will keep interest rates at record lows.
Oil reversed early losses amid concern al-Qaeda will seek revenge for Bin Laden’s death. Silver futures plunged as much as 13 percent. Two-year Treasury yields lost 1 basis point to 0.60 percent.
“The immediate consequences are, as we are seeing, a positive repricing of the US and its markets,” said Jim O’Neill at Goldman Sachs Asset Management. - Bloomberg
Source: http://www.iol.co.za/bin-laden-stocks-gain-1.1063480
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