US, European stocks touch record highs as calm backs risk rally

US, European stocks touch record highs as calm backs risk rally

That's right. The last time the VIX touched a level this low, it was 1993 and Sleepless in Seattle was about to hit movie house marquees.

The volatility of Wall Street stocks have dropped to a record low after a string of days with little change in the markets.

Fading political risk following France's election of centrist candidate Emmanuel Macron over eurosceptic Marine Le Pen, a strong United States results season, and an improving global economy appear to be helping investors sleep better at night, if recent measures of volatility are anything to go by. On the Nasdaq, 1,501 issues rose and 1,233 fell.

The benchmark 10-year U.S. Treasury note yield rose to its highest in five weeks with German 10-year yields rising and the 10-year British gilt yield up around 6 basis points from late Monday.

Oil prices hovered near six-month lows as talks to extend a supply cut deal did little to soothe concerns about a glut amid a boom in USA drilling.

The Dow Jones Industrial Average edged up 0.03 per cent to end at 21,012.28 points and the S&P 500 gained 0.08 points, less than a hundredth of a per cent, to end at 2,399.37.

The CBOE Volatility Index (VIX) fell more than 8% today to a 24-year low of 9.71.

More news: Is Royal Enfield Planning To Buy Iconic Italian Maker Ducati?

Endo International ENDP.O , Office Depot ODP.O and Marriott MAR.O also rose after reporting better-than-expected quarterly earnings.

S&P 500 earnings on average have grown 14.4 percent, up from 10.1 percent estimated at the start of the earnings season, according to Thomson Reuters I/B/E/S.

Shares of Kate Spade rose 8.2 percent to $18.36 after bigger rival Coach Inc said it would buy the company for $2.4 billion.

The S&P 500 index showed 33 52-week highs and one low, while the Nasdaq recorded 53 highs and 15 lows.

Straight Path surged almost 33 per cent after an unnamed telecommunications company raised its offer to buy the wireless spectrum holder for about $3.1-billion, trumping a bid by AT&T. Sources told Reuters that the bidder was Verizon VZ.N .

Tyson Foods was the biggest S&P loser, down 6.08 per cent after the meat processor reported a slump in quarterly profit.

About 6.3 billion shares changed hands in USA exchanges, below the 6.6 billion daily average over the last 20 sessions.

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