Stocks rise as bond yields buoy financials; oil drops

Friday 1440/11/9 - 2019/07/12
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New York, Jul 11, 2019, SPA -- A broad index of stocks around the world rose on Thursday as financial shares helped Wall Street's benchmark index advance, while oil prices fell on a forecast for weaker demand.
The U.S. benchmark S&P 500 stock index notched a record closing high just shy of the 3,000 mark as financial shares were boosted by a jump in bond yields following soft demand in an auction of $16 billion in 30-year Treasuries.
A fall in biotech and pharmaceutical shares pulled down the Nasdaq, however, as the administration of U.S. President Donald Trump withdrew a rule that would have required health insurers to pass on rebates from drugmakers.
But the withdrawal of the rule benefited shares of insurers, including UnitedHealth Group Inc, which boosted the Dow Jones Industrial Average above the 27,000 mark for the first time.
MSCI's gauge of global stocks gained 0.24% as U.S. stocks mostly moved higher.
Oil prices retreated from early gains after the Organization of the Petroleum Exporting Countries forecast less demand for its crude next year. Earlier in the session, they had hit their highest levels in more than a month.
U.S. crude futures settled 23 cents lower, or 0.38%, at $60.20 a barrel. Brent crude futures settled down 49 cents, or 0.73%, at $66.52 a barrel.
00:50 LOCAL TIME 21:50 GMT