U.S., European stock indexes set record highs on Tuesday

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U.S., European stock indexes set record highs on Tuesday

New York- Global equity markets surged on Thursday, with U.S. and European benchmark stocks hitting record highs on the back of the strongest manufacturing data around the world in decades and a drop in bond yields that lifted the biggest tech shares.

President Joe Biden's sweeping$ 2.3 billion plan to rebuild America's crumbling infrastructure attracted investor enthusiasm, as did accelerating vaccine rollouts.

The dollar weakened in the first quarter, easing off almost three-year highs, while oil rose before a meeting of the Organization of Petroleum Exporting Countries and allies expected to keep supply tight.

Asian markets ended with a late burst, pushing China shares up 1.2%, while France's STOXX 600 shrugged off the new lockdown order in Europe to close on its record highs before COVID.

Germany's DAX Index ran a new high after IHS Markit's manufacturing Purchasing Managers Index showed euro zone factories saw their fastest growth in the survey's near 24-year history.

On Wall Street, the S& P 500 also soared above the 4,000 mark as it threatened to overtake the 4,000 mark after the Institute for Supply Management said its index of national factory activity in March had reached its highest level in more than 37 years.

There are multiple tailwinds stimulus, valuation of record earnings, vaccines driving stocks higher, said King Lip, Chief Investment Strategist at Baker Avenue Asset Management in San Francisco.

With stimulus, with the Fed committed to being dovish, with the economy reopening due to more of the U.S. getting vaccines, overall you 'll see corporate earnings do pretty well.

MSCI's benchmark for global equity markets closed 0.93% to 679.55, while Europe's broad index of FTSEurofirst 300 Index rose 0.59%.

On Wall Street, the Dow Jones Industrial Average 0.46% gained S& P 500 0.91% and Nasdaq Composite added 1.48%.

The dollar, after a 3.5% gain in the first quarter, decreased 0.295%, with the euro 0.35% to$ 1.1769. The Japanese yen versus the greenback strengthened 0.13% per dollar at 110.55 per dollar. Higher-than- expected monthly jobless claims flattened U.S. Treasury yields, pushing the yield curve lower, but did little to dampen investors' expectations of Friday's hiring report.

The Labor Department said the number of Americans filing new claims for unemployment benefits unexpectedly rose last week.

The last claims number was n't as great as everyone had hoped but stopped the jobless rise in bond yields, Lip said. A little bit of a slowdown is going to be an improvement on rates, he said.

The 10-year U.S. Treasury note fell to 1.6752% 7.1 basis points.

Brent crude futures jumped to$ 53.75 a barrel, and U.S. crude futures rose$ 1.15 to$ 60.31 a barrel.

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