Stocks End At Record Highs

• U.S. and global equity benchmarks hit all-time highs on Monday, as the Federal Reserve appeared in no rush to step away from its massive stimulus. The S&P 500 and Nasdaq also rose to all-time highs as dovish remarks from the Fed last week bolstered optimism in an economic rebound and eased fears of a sudden tapering in monetary stimulus.
• The S&P 500 gained 0.43%, to 4,528.76 and was on track to finish the month up more than 3%, and the Nasdaq Composite added 0.9% to 15,265.72 as investors jumped into technology stocks. High-growth tech stocks tend to benefit from expectations of lower rates because their value rests heavily on future earnings.
• The Europe-wide STOXX 600 rose 0.07% and was on course to end August with a rise of more than 2% its seventh month of gains in what would be its longest such winning run in over eight years. Asian stocks hit a two-week high and Japan's blue-chip Nikkei closed up 0.5%.
• Overall the positive sentiment in equity markets was underpinned by the Fed Chair Jerome Powell speech in which he said that the tapering of stimulus measures could begin this year. Additionally, it was due to the announcement that there will be no immediate change in interest rates after its bond tapering. 

(Source: Reuters and NCBCM Research)