Bond yields around the world slid as trade tensions continued to simmer despite the recent truce between the United States and China, with the nomination of IMF chief Christine Lagarde to head the European Central Bank adding to bets of monetary easing.
The healthcare sector gained 0.38%, the biggest boost to the S&P 500, helped by gains in Johnson & Johnson, UnitedHealth Group Inc and Merck & Co Inc.
"The Stock Market went up massively from the day after I won the Election, all the way up to the day that I took office, because of the enthusiasm for the fact that I was going to be President".
Germany's DAX added 0.6% to 12,607 while the CAC 40 in Paris also climbed 0.6%, to 5,611.
'The market is going to expect a rate cut if there is a weak report, ' Krosby said.
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Markets were less upbeat in Asia as the euphoria from President Donald Trump's truce with China's Xi Jinping on trade faded.
The Nasdaq Composite was up 116.02 points, or 1.45%, at 8,122.26.
The 30-year Treasury yield dropped 0.032% on Wednesday to 2.476%, its lowest level since October of 2016. Australia's S&P ASX 200 advanced 0.5% to 6,685.50 and the Sensex in India edged 0.2% higher to 39,910.53. New Zealand and Southeast Asian markets also advanced, while Taiwan declined.
Bets that the central bank would cut rates to preserve a decade-long US expansion helped the S&P 500 and the Dow Jones indexes post their best June performance in decades. The development relieved some pressure on the market, although the trade war still looms over global economic growth.
"U.S. stocks jumped on Monday after the USA and China agreed to hold off on slapping additional tariffs on their products in an effort to resume trade talks", reports CNBC.
Chinese Premier Li Keqiang said Tuesday that China plans to lift foreign ownership limits in securities, futures and life insurance by 2020, a year earlier than originally scheduled.
ENERGY: Benchmark U.S. crude fell 9 cents to US$59.00 per barrel in electronic trading on the New York Mercantile Exchange. It fell $2.84 to settle at $56.25 a barrel overnight.
West Texas Intermediate crude oil and Brent crude oil both plunged by more than 3% after OPEC and other supply-cutting countries, led by Russian Federation, finalized plans to prop up oil prices . South Korea's Kospi lost 1.2% to 2,097.40.
CURRENCIES: The dollar fell to 107.72 Japanese yen from 107.90 yen on Tuesday. The euro fell to US$1.1278 from US$1.1285.