(Bloomberg) -- U.S. stocks were lifted by a rally in tech shares as concerns eased about a potential global trade war. Treasury yields rose and oil jumped.
The S&P 500 broke a three-day losing streak and the Nasdaq Composite Index added to an all-time high, buoyed by Facebook Inc.'s rally past $200 a share. European equities advanced for the first time this week and Canada's stock benchmark hit a record. The pound edged higher after Prime Minister Theresa May won a key vote on Brexit.
A sense of calm is returning to markets after President Donald Trump stepped up trade threats against China earlier in the week, proposing moves that economists reckon could cut as much as half a percentage point from the Asian nation's growth. Traders may well be siding with Goldman Sachs Chief Executive Officer Lloyd Blankfein, who characterized the escalation in rhetoric as simply a negotiating strategy.
Elsewhere, the onshore yuan climbed after the People's Bank of China set its daily reference rate at a stronger-than-expected level. Facebook reached a record as investors bet the company's Instagram and Messenger units will continue to boost advertising revenue.
Terminal users can read more in Bloomberg's Markets Live blog.
Here are some key events to watch for this week:
- A Brazilian central bank decision is due Wednesday.
- The Bank of England sets rates on Thursday.
- Also on Thursday: U.S. jobless claims, New Zealand GDP, South Korea export data.
- The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
And here are the main market moves:
Stocks
- The S&P 500 rose 0.2 percent at the close of trading in New York.
- The Stoxx Europe 600 Index climbed 0.3 percent.
- The U.K.'s FTSE 100 Index rose 0.3 percent.
- The MSCI Emerging Market Index climbed 0.7 percent.
Currencies
- The Bloomberg Dollar Spot Index was little changed.
- The euro slipped 0.1 percent to $1.1581.
- The British pound rose 0.1 percent to $1.3182.
- The Japanese yen fell 0.3 percent to 110.4 per dollar.
Bonds
- The yield on 10-year Treasuries rose four basis points to 2.93 percent.
- Germany's 10-year yield rose one basis point to 0.37 percent.
- Britain's 10-year yield rose two basis points to 1.30 percent.
Commodities
- West Texas Intermediate crude rose 1.8 percent to $66.22 a barrel.
- Gold slipped 0.4 percent to $1,269.64 an ounce, the weakest in six months.
--With assistance from Adam Haigh, Cecile Vannucci, Andreea Papuc, Todd White, Christopher Anstey, Samuel Potter and Jeran Wittenstein.
To contact the reporter on this story: Brendan Walsh in Austin at bwalsh8@bloomberg.net
To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Brendan Walsh
©2018 Bloomberg L.P.
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