US stocks advance, bonds mixed as oil tops $51

U.S. stocks pushed toward all-time highs, while the dollar's halted a slide amid European data that added to signs the global economy remains on firm footing. Brazilian assets stabilized and oil hit a one-month high.

The S&P 500 index's fourth straight gain took it back to 2,400 -- within two points of a closing record -- as bank shares rallied. U.K. equities rose a third day, the pound pared its decline and gilts were steady after a terrorist attack killed at least 22 people at a concert in Manchester. The dollar rose after three days of losses. Brazil's real was little changed as S&P Global Ratings considers a rating change. South Africa's rand rallied, and oil topped $51 a barrel.

Confidence is building in the European economy, with data on Tuesday confirming the German economy is firing on all cylinders and France's is gathering momentum, while a euro-area Purchasing Managers' index showed manufacturing in the bloc expanded at the fastest pace in more than six years. That's bolstering the case for investing in the region as political turmoil in Washington rumbles on, diverting attention from President Donald Trump's spending and tax plans.

'Europe's growth numbers aren't knocking the skin off the ball, but they are less volatile and it's doing relatively well compared to the U.S., U.K. and Japan,” said Bill Blain, head of capital markets at London-based Mint Partners. 'More than a few global investors have lost faith in the U.S. recovery and Trump jump.”

The U.S. president in March asked Director of National Intelligence Daniel Coats and NSA Director Michael Rogers to publicly deny existence of any collusion between his campaign and the Russian government, the Washington Post reported, citing unidentified current and former officials.

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Here are some key upcoming events:

--Trump's tour will headed to Group of Seven and NATO meetings in Europe.

--Minutes from the last Federal Reserve policy meeting will be released Wednesday, offering more clues to the path of interest rates.

--OPEC will meet in Vienna on Thursday, with major oil producers edging closer to extending an agreement to curb output.

--South Korea, Canada, South Africa and Thailand set interest rates this week.

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And here are the main moves in markets:

--The S&P 500 climbed 0.2 percent to 2,398.50 at 4 p.m. in New York. It rose as high as 2.400.85, two points from a closing record. The gauge has advanced 1.7 percent in four days.

--The Stoxx Europe 600 index gained 0.2 percent. The U.K.'s FTSE 100 index added 0.2 percent.

--Brazil's Ibovespa index rose 1.6 percent.

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--The Bloomberg Dollar Spot index turned higher in afternoon trading to add 0.4 percent after falling to near the lowest level since Nov. 4.

--The yen weakened 0.5 percent to 111.819 per dollar.

--The pound traded 0.3 percent down at $1.2967 after weakening as much as 0.4 percent. The euro dropped 0.5 percent to $1.1180.

--Brazil's real strengthened 0.1 percent to 3.26477 per dollar after falling to a five-month low last week amid corruption allegations against President Michel Temer.

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--The yield on 10-year Treasury notes rose three basis points to 2.29 percent, as bonds fell for a fourth day.

--Tuesday's $26 billion two-year note sale drew a yield of 1.316 percent, with a bid-to-cover ratio of 2.9, the highest in a year.

--German benchmark yields rose one basis point while those the U.K. dropped one basis point.

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--West Texas Intermediate crude futures rose for a fifth day, added 34 cents to settle at $51.74 a barrel in New York, the highest since April 18. Saudi Arabia is mustering support for prolonging production curbs ahead of OPEC's meeting this week.

--Gold futures dropped 0.8 percent to $1,251.60 an ounce.

--China, the world's top user of refined zinc, boosted imports to the highest level in 13 months as stockpiles in warehouses monitored by the Shanghai Futures Exchange fell and domestic production shrank.

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Bloomberg's Oliver Renick contributed to this report.

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