Stock Market Today: Dow, S&P Live Updates for Jun. 24, 2021 - Bloomberg

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Stocks rose toward a record after data signaled the economic recovery is taking hold, despite mounting concern about inflation pressures. The dollar fell, while Treasuries were little changed.

Most major groups in the S&P 500 rose, with technology and retail companies among the best performers. Eli Lilly & Co. led health-care shares higher as its experimental drug for Alzheimer’s gained breakthrough status from U.S. regulators. The Federal Reserve is set to release the results from its stress tests after the market close -- with major banks all expected to pass, paving the way for a doubling of payouts in the next four quarters.

President Joe Biden and a group of bipartisan senators are close to agreement on a $559 billion infrastructure plan that would fulfill one of his top priorities, according to lawmakers and officials familiar with the discussions. Applications for U.S. state unemployment insurance fell slightly last week, though were higher than forecast, while orders for durable goods rose in May at the fastest pace since January.

“From an economic standpoint, there’s still a lot of positives for growth,” said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors. “We’ve seen markets do well when the interest-rate environment is tame. That’s fueling the optimism.”

Shares of the fastest-growing U.S. companies have stopped moving in lockstep with the cheapest stocks. The shift is evident from the correlation between the S&P 500 Pure Growth and Pure Value indexes during the past 200 trading days, which dropped to the lowest since October 2000, according to data compiled by Bloomberg.

Elsewhere, the pound dropped after the Bank of England pushed back against speculation that a surge in inflation means it’s preparing to boost interest rates -- saying the economy still needs support.

Goldman Sachs’s Peter Oppenheimer says equity markets are entering a period with better opportunity for alpha and stock picking.

Source: Bloomberg

For more market commentary, follow the MLIV blog.

Here are some events to watch this week:

• U.S. personal income/spending, University of Michigan sentiment on Friday

These are some of the main moves in markets:

Stocks

• The S&P 500 rose 0.6% as of 10:23 a.m. New York time
• The Nasdaq 100 rose 0.9%
• The Dow Jones Industrial Average rose 0.8%
• The Stoxx Europe 600 rose 0.9%
• The MSCI World index rose 0.6%

Currencies

• The Bloomberg Dollar Spot Index fell 0.2%
• The euro rose 0.2% to $1.1945
• The British pound fell 0.3% to $1.3922
• The Japanese yen rose 0.2% to 110.75 per dollar

Bonds

• The yield on 10-year Treasuries was little changed at 1.49%
• Germany’s 10-year yield was little changed at -0.18%
• Britain’s 10-year yield declined four basis points to 0.74%

Commodities

• West Texas Intermediate crude was little changed
• Gold futures were little changed

— With assistance by Sunil Jagtiani, Namitha Jagadeesh, Vildana Hajric, and Kamaron Leach

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