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</div> </div> <div class="bb-progress"> <div class="bb-progress__status"></div> </div> </nav> </div> </div> <div class="breaking-news-placeholder"></div> <main class="transporter-container"> <div class="transporter-item current"> <article data-story-id="OHSCJP6JIJV101" data-theme="markets"> <div class="lede-text-only lede"> <div class="lede-text-only__background"> <div class="background-image"></div> <div class="background-dots"></div> <div class="background-fade"></div> </div> <div class="lede-text-only__container"> <div class="lede-text-only__content"> <h1 class="lede-text-only__hed"><span class="lede-text-only__highlight">U.S. Stocks Rise to Records, Bonds Gain on ECB Stimulus Optimism</span></h1> <address class="lede-text-only__byline"> by <div class="author">Jeremy Herron <div class="author__modal"> <a class="author__modal-bio" href="https://www.bloomberg.com/authors/ARJCs8NIT-4/jeremy-herron" rel="author">More stories by Jeremy Herron</a> </div> </div> </address> <div class="lede-text-only__times"> <time datetime="2016-12-06T23:22:22.402Z">December 6, 2016 — 6:22 PM EST</time> <time class="updated" datetime="2016-12-07T18:55:19.207Z">December 7, 2016 — 1:55 PM EST</time> </div> </div> </div> </div> <div class="content-well"> <section class="main-column"> <ul class="abstract"> <li class="abstract__item"> <div class="abstract__item-text"> ECB seen extending bond-buying program in decision Thursday </div> </li> <li class="abstract__item"> <div class="abstract__item-text"> Trump comments on drug prices send biotech shares lower </div> </li> </ul> <div class="lede-media-video lede"> <div class="video-player"> <div id="player-FxOzjkY" class="video-player__container" data-bmmrid="kfx3rPhoTUa7oD~4EhtEOg" data-shorturl="http://bloom.bg/2g7Mias" data-autoplay="true"></div> <div class="video-player__curtain"> <img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iRotGOKWufno/v5/640x-1.jpg%20640w,%20https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iRotGOKWufno/v5/680x-1.jpg%20680w,%20https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iRotGOKWufno/v5/840x-1.jpg%20840w" srcset="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iRotGOKWufno/v5/640x-1.jpg 640w, https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iRotGOKWufno/v5/680x-1.jpg 680w, https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iRotGOKWufno/v5/840x-1.jpg 840w" sizes="(min-width:761px) and (max-width:1020px) 680px, (min-width:1021px) and (max-width:1280px) 640px, (min-width:1281px) 840px, 100vw"> <div class="video-player__overlay" data-playerid="player-FxOzjkY"> <img class="video-player__play-icon" src="https://www.bloomberg.com/javelin/public/images/play-076012604d.svg"> </div> </div> </div> <figcaption> <div class="lede-media-video__caption"><p>U.S. Stocks Edge Towards Record, What's Next?</p> </div> </figcaption> </div> <div class="body-copy"> <p>The Dow Jones Industrial Average rose 220 points as U.S. stock indexes powered to all-time highs after an easing of the bond selloff boosted dividend-yielding equities. Treasuries fell with European debt as speculation mounted that the region’s central bank will prolong its asset-buying program.</p><p> <aside class="inline-newsletter" data-state="ready"> <div class="inline-newsletter__main"> <div class="inline-newsletter__content"> <div class="inline-newsletter__main-tout"> The most important market news of the day. </div> <div class="inline-newsletter__sub-tout"> Get our markets daily newsletter. </div> <div class="inline-newsletter__subscribe"> <div class="inline-newsletter__message"> </div> </div> </div> </div> <div class="inline-newsletter__arrow"> </div> <div class="inline-newsletter__slideout"> <div for="bbiz" class="inline-newsletter__slideout-option bbiz" data-newsletter="Business Daily" data-state="ready"> <div class="inline-newsletter__slideout-text"> <div class="inline-newsletter__slideout-title">Business</div> <div class="inline-newsletter__slideout-tout">Your guide to the most important business stories of the day, every day.</div> </div> <div class="inline-newsletter__slideout-option-confirm"> You will now receive the Business newsletter <div class="inline-newsletter__slideout-option-confirm-nubbin"></div> </div> <span class="inline-newsletter__slideout-checkbox undefined"></span> </div> <div for="bpol" class="inline-newsletter__slideout-option bpol" data-newsletter="The Brief" data-state="ready"> <div class="inline-newsletter__slideout-text"> <div class="inline-newsletter__slideout-title">Politics</div> <div class="inline-newsletter__slideout-tout">The latest political news, analysis, charts, and dispatches from Washington.</div> </div> <div class="inline-newsletter__slideout-option-confirm"> You will now receive the Politics newsletter <div class="inline-newsletter__slideout-option-confirm-nubbin"></div> </div> <span class="inline-newsletter__slideout-checkbox undefined"></span> </div> <div for="technology" class="inline-newsletter__slideout-option technology" data-newsletter="technology" data-state="ready"> <div class="inline-newsletter__slideout-text"> <div class="inline-newsletter__slideout-title">Technology</div> <div class="inline-newsletter__slideout-tout">Insights into what you'll be paying for, downloading and plugging in tomorrow and 10 years from now.</div> </div> <div class="inline-newsletter__slideout-option-confirm"> You will now receive the Technology newsletter <div class="inline-newsletter__slideout-option-confirm-nubbin"></div> </div> <span class="inline-newsletter__slideout-checkbox undefined"></span> </div> <div for="pursuits" class="inline-newsletter__slideout-option pursuits" data-newsletter="Pursuits Weekly" data-state="ready"> <div class="inline-newsletter__slideout-text"> <div class="inline-newsletter__slideout-title">Pursuits</div> <div class="inline-newsletter__slideout-tout">What to eat, drink, wear and drive – in real life and your dreams.</div> </div> <div class="inline-newsletter__slideout-option-confirm"> You will now receive the Pursuits newsletter <div class="inline-newsletter__slideout-option-confirm-nubbin"></div> </div> <span class="inline-newsletter__slideout-checkbox undefined"></span> </div> <div for="game-plan" class="inline-newsletter__slideout-option game-plan" data-newsletter="Weekly Game Plan" data-state="ready"> <div class="inline-newsletter__slideout-text"> <div class="inline-newsletter__slideout-title">Game Plan</div> <div class="inline-newsletter__slideout-tout">The school, work and life hacks you need to get ahead.</div> </div> <div class="inline-newsletter__slideout-option-confirm"> You will now receive the Game Plan newsletter <div class="inline-newsletter__slideout-option-confirm-nubbin"></div> </div> <span class="inline-newsletter__slideout-checkbox undefined"></span> </div> </div> </aside>The 30-member blue-chip index jumped to a record as phone and REIT shares joined the post-election rally that’d been led by cyclical shares. Biotechnology companies in the S&P 500 Index tumbled the most since October after Donald Trump <a itemscope="itemscope" itemprop="StoryLink" href="http://www.bloomberg.com/news/articles/2016-12-07/trump-says-he-ll-bring-down-drug-prices-biotech-stocks-fall" title="Trump Says He’ll ‘Bring Down Drug Prices’; Biotech Stocks Fall" target="_blank"><meta itemprop="active" value="true"><meta itemprop="type" value="StoryLink"><meta itemprop="suid" value="OHTJ9G6JTSFH">declared</a> himself an opponent of high drug prices. European equities advanced for a third day. Bonds rose across the euro area, with the yield on the benchmark German bund falling from the highest in almost three weeks. Treasuries slipped and crude fell toward $50 a barrel in New York.</p><figure data-type="image" data-id="307657588" data-image-type="chart" data-image-size="full" data-align="center" class="figure-expandable"><div class="image"><img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iZcFdLf2WN7g/v4/-1x-1.png" srcset="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iZcFdLf2WN7g/v4/-1x-1.png 1200w" sizes="(min-width:761px) and (max-width:1020px) 680px, (min-width:1021px) and (max-width:1280px) 640px, (min-width:1281px) 740px, 100vw" data-native-src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iZcFdLf2WN7g/v4/-1x-1.png"></div></figure><p>U.S. stocks had been struggling to add to a post-election rally that took major indexes to all-time highs in late November amid a selloff in bonds that weighed on large parts of the equity market. That’s reversed Wednesday, as investors are positioning for an extension of monthly asset purchases of 80 billion euros ($86 billion) by the ECB past March even as uncertainty lingers before the bank concludes two days of meetings Thursday.</p> <div id="box-vTad9Ym" class="page-ad" data-position="mobile-box"> <div class="mobile-box-ad-dummy"></div> </div> <p>Stocks</p><ul><li>The S&P 500 Index rose 0.9 percent to 2,232.05 at 1:54 p.m. in New York, on track for a record close. The Dow Jones Industrial Average added 256.81 points to 19,508.59, a fresh all-time high.</li><li>REITs and phone stocks added 2.3 percent. They tend to rise when Treasuries gain and yields fall.</li><li>Health-care shares slid 0.9 percent, the only of 11 groups to retreat. Pfizer Inc. fell 1.2 percent for the steepest slide in the Dow. Biotech stocks plunged 2.4 percent.</li><li>The Stoxx Europe 600 Index added 0.9 percent as mining companies and banks rallied</li><li>Credit Suisse Group AG gained 6.4 percent, while Banca Monte dei Paschi di Siena SpA rose 8.7 percent after La Stampa reported Italy will ask for a 15 billion euro ESM loan for the lender, among other banks.</li><li>Japan’s Topix index gained 0.9 percent in Tokyo as the MSCI Asia Pacific Index added 0.4 percent.</li></ul><p>Bonds</p><ul><li>Germany’s 10-year bond yield fell three basis points to 0.33 percent, after climbing to 0.38 percent, the highest since Nov. 14. The government sold 2.6 billion euros out of a planned 3 billion euros of 2018 securities.</li><li>Italian sovereign debt securities due in a decade advanced for a second day, almost erasing losses suffered in the aftermath of Sunday’s referendum. The nation’s 10-year bond yield fell five basis points to 1.89 percent, adding to a four-basis point drop from Tuesday.</li><li>Portugal’s 10-year bond yield reached the lowest level since Nov. 15.</li><li>Treasury 10-year note yields were little changed at 2.36 percent.</li><li>The Markit iTraxx Europe Index of credit-default swaps on investment-grade companies dropped one basis point to 74 basis points, the lowest since Nov. 9. A gauge of swaps on junk-rated companies fell to a three-month low.</li></ul><p>Commodities</p><ul><li>Oil fell 1 percent to $50.42 a barrel amid speculation a production boost from U.S. shale producers will counter the first output cuts from OPEC in eight years. </li><li>Copper gained 0.5%, recouping an earlier decline. Steel rebar in China climbed with iron ore to the highest in more than two years, as reports of a crackdown on illegal plants spurred speculation that the government is stepping up supply-side reforms.</li><li>Spot gold was little changed at $1,173.72 an ounce.</li></ul><p>Currencies</p><ul><li>The pound dropped 0.5 percent to $1.2611 after industrial production in October fell 1.3 percent, driven by a slide in oil and gas extraction.</li><li>The euro was little changed at $1.0725 after posting a 0.4 percent drop on Tuesday. </li><li>Overnight volatility in the common currency versus its U.S. counterpart jumped to 23 percent, the most since June 23, based on closing prices</li><li>The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, was little changed</li></ul> <noscript> <ol class="noscript-footnotes"></ol> </noscript> </div> <div class="terminal-tout-container"> <div class="terminal-tout"> <span class="terminal-tout__text">Before it's here, it's on the Bloomberg Terminal.</span> <div class="terminal-tout__icon"></div> <a href="https://bloom.bg/dg-ws-core-bcom-a1" class="terminal-tout__link">LEARN MORE</a> </div> </div> <div id="taboola-below-article-thumbnails-7QXwWIo" class="taboola"></div> </section> <aside class="right-rail"> <div class="sticky-container"> <div class="sticky-video"></div> <div id="box-GbilS8Q" class="box rotation-item page-ad" data-position="box"> </div> <div class="recirc rotation-item"> <div class="recirc__title">Trending Now</div> <ol class="recirc__list"> <li class="recirc__list-item recirc__list-item-article"> <a class="recirc__list-item-article-link" href="http://www.bloomberg.com/politics/articles/2016-12-07/boeing-sweats-under-trump-spotlight-as-softbank-feels-the-warmth">Boeing Sweats Under Trump Spotlight as SoftBank Feels Warmth</a> </li> <li class="recirc__list-item recirc__list-item-article"> <a class="recirc__list-item-article-link" href="http://www.bloomberg.com/politics/articles/2016-12-06/trump-says-air-force-one-order-should-be-canceled-as-costs-rise">Trump Slams Boeing Air Force One With ‘Cancel Order!’ Tweet</a> </li> <li class="recirc__list-item recirc__list-item-article"> <a class="recirc__list-item-article-link" href="http://www.bloomberg.com/news/articles/2016-12-07/the-50-best-places-to-work-according-to-glassdoor">The 50 Best Places to Work, According to Glassdoor</a> </li> <li class="recirc__list-item recirc__list-item-article"> <a class="recirc__list-item-article-link" href="http://www.bloomberg.com/politics/articles/2016-12-07/trump-said-to-pick-iowa-governor-branstad-as-china-ambassador">Trump Picks Iowa Governor Branstad as China Ambassador</a> </li> <li class="recirc__list-item recirc__list-item-article"> <a class="recirc__list-item-article-link" href="http://www.bloomberg.com/politics/articles/2016-12-06/japan-s-softbank-to-invest-50-billion-in-the-u-s-trump-says">SoftBank CEO Tells Trump He’ll Invest $50 Billion in Startup</a> </li> <li id="trendingnow-ZhL3kY7" class="recirc__list-item recirc__list-item-ad" data-position="trendingnow"> </li></ol> </div> </div> </aside> </div> </article> <div id="native-fFRqfTX" class="native" data-position="native"> </div> </div> </main> <footer class="bb-global-footer"> <div class="bb-global-footer__content"> <div class="bb-global-footer__group"> <a class="bb-global-footer__link" href="http://www.bloomberg.com/tos">Terms of Service</a> <a class="bb-global-footer__link" href="http://www.bloomberg.com/trademarks">Trademarks</a> <a class="bb-global-footer__link" href="http://www.bloomberg.com/privacy">Privacy Policy</a> <small class="bb-global-footer__copyright">©2016 Bloomberg L.P. 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