US stocks rise to to all-time highs and treasuries rally

Traders work on the floor of the New York Stock Exchange. Picture: DREW ANGERER/AFP

The Dow Jones Industrial Average notched its first record since October, while the S&P 500 climbed a fifth day to extend its high. Futures on the broader index briefly topped 3,000 for the first time. The Nasdaq indexes rose past closing records set in early May. “We’ve seen continued doubt and worry over this bull market for a decade now, yet it continues to defy all sceptics,” said Ryan Detrick, senior market strategist for LPL Financial. “The bottom line is the dual benefit of both fiscal and monetary policy should help extend this business cycle potentially much longer than many expect.”

Europe’s leaders have nominated Christine Lagarde to take the helm of the ECB later in 2019, ushering in a candidate analysts expect will take up departing president Mario Draghi’s mantle in providing stimulus. US President Donald Trump said he was planning to nominate Christopher Waller and Judy Shelton to serve on the Fed Board, candidates both seen as likely to advocate lower interest rates.

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