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Stocks Shrug Off Yield Dive, Geopolitical Tensions to Secure New Highs

EQUITIES
  • US indices once again traded higher, with the S&P 500 securing new all time highs and shrugging off both a dive in US yields as well as simmering geopolitical tensions in the process.
  • Gains across the three main indices came despite a mixed set of earnings, with Blackrock gaining, while Bank of America and Citigroup edging lower after their respective reports.
  • A stellar US retail sales report helped buoy sentiment, with March seeing a rise of 9.8% vs. Exp. 5.8%. This was allied with a considerable drop in weekly initial jobless claims, which hit new post-pandemic lows.
  • In Europe, stocks finished generally higher, with the EuroStoxx50 finishing higher by 0.4%, while the FTSE-100 outperformed to secure gains of 0.6% Thursday. Peripheral continental equities lagged, with both the Italian FTSE-MIB and Spain's IBEX-35 closing lower by 0.2%.
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