Technology and energy shares propelled US stocks to a new record on Thursday while government bonds rallied, in the return of a popular pandemic trade predicated on continued social curbs and supportive monetary policy.
The benchmark S&P 500 passed the 4,000 level for the first time, closing 1.2 per cent higher in New York. The tech-focused Nasdaq Composite, which is stacked with growth companies whose valuations are flattered by lower market interest rates, climbed 1.8 per cent.
The yield on the benchmark 10-year Treasury note, which rose sharply in the first quarter as investors bet on a jolt in inflation when economies reopened, fell 0.07 percentage points to 1.67 per cent.
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