The S&P 500 Index rose the most since April, gaining 1.1%, closing at a record high. The move came after hurricane Irma weakened and North Korea refrained from an expected missile test.
The yield on the US ten year rose to 2.14%, its biggest one day jump since January. Yields have come under pressure in the US recently due to decreased market rate hike expectations.
The dollar also gained yesterday with the EURUSD rate falling back below the $1.20 level.
European equities gained for a fourth day, rising 1.4%, the longest winning streak for the index since mid-July.
All 19 industry groups gained with insurance stocks leading the charge, rising 2.3%, after a weakened hurricane Irma helped relieve concerns.
Asian equities extended gains, with Japanese and Chinese equities rising 0.3% and 5.2% respectively. The move came after U.S. stocks rose to a record as Hurricane Irma wreaked less damage than forecast and the United Nations’ sanctions against North Korea weren’t as stringent as expected.