Wednesday saw a rise of global stocks to a record high. The surge happened after the data that showed U.S. inflation was not growing wildly as the economy recovers. The U.S. consumer price index also rose by 0.6%, and it showed the most solid increase since 2012.
Michael McCarthy, a chief markets strategist at CMC Markets, said, "Once again, markets are looking on the bright side, and despite that higher-than-expected inflation read, it's been interpreted as a sign of better growth." We've seen support for those high-growth tech stocks and other sectors exposed to economic growth, including financials."
The U.S. tech stocks were lifted due to the decline of the bond yields. The top three holdings of the global benchmark Apple Inc (NASDAQ: AAPL), Microsoft Corp (NASDAQ: MSFT), and Amazon.com Inc (NASDAQ: AMZN), were among the winners.
The S&P 500 gained 0.33%. It also set a record closing high. The Nasdaq Composite added 1.05%. The Dow Jones Industrial Average fell 0.2%.
The U.S. federal health agencies recommended pausing the rollout of its coronavirus vaccine for at least a few days after six women developed rate blood clots. As a result, Johnson & Johnson's (NYSE: JNJ) 's shares declined 1.34%.
On Wednesday, market participants and experts will be focusing on earnings reports of the big banks. JPMorgan Chase & Co. (NYSE: JPM) and Goldman Sachs Group Inc (NYSE: G.S.) will be releasing reports during a day.
As for the oil market, Brent crude futures rose 47 cents to $64.14 a barrel, as U.S. crude futures added 47 cents to a final price of $60.65.
Slipping to a three-week low to peers, the U.S. dollar eased along with Treasury yield. As for the cryptocurrency world, Bitcoin hit a record high once again. It traded above $64,500. Therefore, it is fair to assume the 2021 rally continues. It is also when Coinbase shares are due to list in the United States.