US stocks hit record highs, yields climb

The MSCI world equity index, which tracks shares in almost 50 countries, rose more than 1% to hit a record high for the third session this week.

NEW YORK: Bond prices dropped and stocks hit record highs on Thursday as investors bet Democratic control of the U.S. Congress would enable President-elect Joe Biden to borrow and spend heavily, while higher yields helped a bruised dollar recover from near three-year lows.

The bullish sentiment remained throughout the day even as the top two Democrats in Congress called for President Donald Trump to be removed from office, one day after his supporters stormed and vandalized the U.S. Capitol in a rampage that left four people dead.