U.S. equities gained amid progress in distributing vaccines and as investors weighed the outlook for economic growth and inflation. Oil tumbled after a rally spurred by the blockage of the Suez Canal.
Banks and transportation companies led gains on the S&P 500 Index, and Boeing Co.’s plan to resume delivery of its 787 Dreamliners this week lifted the planemaker. An index of small-cap shares gained more than 2% as President Joe Biden announced a new goal of administering 200 million Covid-19 vaccine doses in his first 100 days in office. Nike Inc. fell on concern it risked a boycott in China.
U.S. 10-year yields held steady after an auction of seven-year notes. Poor demand at last month’s sale helped trigger a global selloff in government debt and interest-rate sensitive stocks.