(Bloomberg) -- The global stock rally looked set to extend into Thursday as investors clung to optimism for a speedy economic recovery from the pandemic. Treasury yields jumped and the dollar retreated.

Equity futures rose in Japan, Hong Kong and Australia. The Nasdaq 100 earlier briefly surpassed its February closing record and banks led the S&P 500 Index to a three-month high. The dollar dropped to its weakest since early March. Gold and Treasuries slumped as investors turned away from havens after U.S. private payrolls showed fewer job losses than forecast in May.

The reopening of global economies has turned into a tailwind for stocks, along with unprecedented levels of stimulus across the world. Wednesday’s advance was driven by financials, autos and durable goods manufacturers, indicating the rally is broadening out. Big tech shares lagged.

“With many businesses across the country reopening, labor watchers may optimistically be thinking that the worst is behind us,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial.

Next up comes the European Central Bank, which is expected to boost its rescue program Thursday. Meantime, tensions continue to simmer with the U.S. barring Chinese airlines in retaliation for Beijing ignoring the requests of American carriers to resume flights to China that had been suspended for the pandemic.

Elsewhere, the euro strengthened for a seventh session as data showed the region’s economic activity increased in May to the highest in three months. Oil traded close to its at highest level since early March, buoyed by optimism that OPEC+ will rebalance the market.

Here are some key events coming up:

  • The European Central Bank is expected to top up its rescue program with an additional 500 billion euros of asset purchases at a meeting on Thursday. Anything less than an expansion would be a big shock, Bloomberg Economics said.
  • The U.S. labor market report on Friday will probably show American unemployment soared to 19.5% in May, the highest since the 1930s.

These are the main moves in markets:

Stocks

  • The S&P 500 Index rose 1.4%.
  • Futures on Japan’s Nikkei 225 advanced 0.7%.
  • Hang Seng futures rose 1.5%.
  • Futures on Australia’s S&P/ASX 200 Index added 1.2%.

Currencies

  • The Bloomberg Dollar Spot Index slid 0.3%.
  • The yen was at 108.90 per dollar.
  • The offshore yuan held at 7.1181 per dollar.
  • The euro bought $1.1235.

Bonds

  • The yield on 10-year Treasuries rose six basis points to 0.75%.

Commodities

  • West Texas Intermediate crude dipped 0.2% to $36.75 a barrel.
  • Gold was at $1,699.81 an ounce after tumbling 1.6%.

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