US Shares Reach New Highs, Boosting World Stocks Amid Rate Hike Speculations
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U.S. shares struck new highs for the year on Friday, setting world stocks up for gains for the week, as rising bets that the Federal Reserve will skip a rate hike next week overshadowed worries about U.S. markets being drained of cash. Helped by a surge in Tesla Inc, which jumped as much as 5.7%, the S&P 500 rose to levels last seen in August before receding by mid-day to be little changed. The Nasdaq Composite and the Dow Jones Industrial Average also pared earlier gains to stand flat. Over in Europe, the STOXX 600 index lost 0.13%, but MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.74% overnight. Combined with gains on Wall Street, the MSCI’s broadest index of world stocks added 0.14% to hover under a 13-month high. For the week, the index for world stocks might notch a 0.4% rise. “As of today, the S&P 500 is back in a bull market," said Arthur Hogan, chief market strategist at Briley Wealth, noting that the index finished Thursday with a