U.S. Stocks Resume Rally to Record on Growth Bets

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U.S. equities headed for alltime highs amid solid corporate earnings and confidence that the Federal Reserve will remain accommodative even as robust growth takes the worlds largest economy back to prepandemic levels. The SP 500 rose after notching its first weekly decline since midMarch. Most of the main 11 industry groups gained, with energy shares jumping the most. Smallcap stocks in the Russell 2000 outperformed the broader market. The U.S. 10year Treasury yield hovered around its 50day moving average. Copper, seen as a barometer of growth, surged to the highest in a decade.

Investors this week will focus on corporate earnings and U.S. economic data even as the Fed primes them to expect no change to policy at their twoday meeting ending Wednesday. While emerging economies from India to Brazil are grappling with a Covid19 surge or renewed curbs, the developed world is on a firmer recovery path with a faster pace of vaccination.

More than threequarters of the SP 500 companies that have reported results so far have beaten analysts estimates, according to data compiled by Bloomberg. A slew of earnings from megacaps including Tesla Inc., Facebook Inc. and Apple Inc. will be parsed this week as investors look for more clues on how companies are faring in the recovery.

European stocks advanced Monday, as gains for banks and travel companies offset losses for food companies and utilities. The dollar was little changed after initially falling to a twomonth low. It was still…

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