U.S. stocks ended the week at all-time highs as Chinese growth data added to signs of a global economic recovery. The dollar slipped.

The S&P 500 Index capped its fourth straight weekly advance as the strong data from Asia joined a raft of robust readings in the world’s largest economy to boost sentiment. Chinese stocks outperformed in Asia after a report showed the nation’s economy soared in the first quarter. The Stoxx Europe 600 Index posted a seventh week of advances, its longest streak since May 2018.

The data from Beijing added to Thursday’s string of positive economic figures out of the U.S., pushing the MSCI All-Country World Index to a fresh record. Treasuries extended their gains. Morgan Stanley became the latest American bank to post record first-quarter results.

Along with healthy corporate earnings, the week’s dump of data gave fresh impetus to the reflation trade. In the U.S., retail sales and weekly jobless claims data signaled an accelerating recovery in the world’s biggest economy. Investors will look for further confirmation as the reporting season picks up pace next week, with about 80 S&P 500 members and more than 50 Stoxx 600 firms announcing.

“In addition to earnings, there has been plenty of impressive data to digest indicating that the U.S. economy is firing up,” Fiona Cincotta, senior financial markets analyst at City Index, said. “With a strong vaccine rollout in addition to fiscal stimulus and loose monetary policy, the recovery is picking up pace. Despite the blowout data, U.S. treasury yields are heading lower suggesting investors have bought into the Fed’s low rates for longer mantra.”

These are some of the main moves in financial markets:

Stocks

• The S&P 500 Index climbed 0.4 per cent as of 4 p.m. New York time.
• The Nasdaq 100 added 0.1 per cent.
• The Stoxx Europe 600 Index jumped 0.9 per cent.
• The MSCI Asia Pacific Index increased 0.3 per cent.
• The MSCI Emerging Market Index gained 0.6 per cent.

Currencies

• The Bloomberg Dollar Spot Index fell 0.1 per cent.
• The euro jumped 0.1 per cent to US$1.1978.
• The British pound gained 0.3 per cent to US$1.3834.
• The onshore yuan was little changed at 6.52 per dollar.
• The Japanese yen was little changed at 108.76 per dollar.

Bonds

• The yield on 10-year Treasuries fell one basis point to 1.57 per cent.
• The yield on two-year Treasuries climbed less than one basis point to 0.16 per cent.
• Germany’s 10-year yield advanced three basis points to -0.265 per cent.
• Britain’s 10-year yield jumped three basis points to 0.762 per cent.
• Japan’s 10-year yield increased less than one basis point to 0.093 per cent.

Commodities

• West Texas Intermediate crude lost 0.5 per cent to US$63.14 a barrel.
• Gold strengthened 0.8 per cent to US$1,778.25 an ounce.

-With assistance from Emily Barrett.