Global stocks climb to over two-year high, S&P 500 hits record

Global equities climbed to a more than two-year high and the S&P 500 touched a record peak on Wednesday, as strong earnings offset jitters related to U.S. regional banks and China’s markets.

Bonds were under modest pressure, as comments from Federal Reserve officials reaffirmed expectations that the central bank may not cut rates soon.

The U.S. dollar retreated and oil prices rose.

The MSCI world equity index (.MIWD00000PUS), which tracks shares in 49 countries, gained 0.59% by 2:38 p.m. EST (1938 GMT) after hitting its highest since mid-January 2022. Markets got a boost from a rally in Chinese blue-chips (.SSEC).

 

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