U.S. stocks rose

U.S. stocks rose to extend all-time highs, with the S&P 500 Index marking its longest winning streak in four months, as speculation grew for looser global monetary policies while a better-than-forecast profit from JPMorgan Chase & Co. boosted optimism for bank earnings.

JPMorgan climbed 1.5 percent to pace gains in banks, adding fresh momentum to a post-Brexit-vote rally that vaulted equities to records for the first time in more than 13 months. Citigroup Inc. increased 2.6 percent. Yum! Brands Inc. advanced 2.9 percent after its earnings beat estimates and the restaurant-chain operator raised its outlook. Industrial companies extended their longest stretch of gains since 2014.

Global equities climbed Thursday as speculation grew that Japan's Prime Minister Shinzo Abe is contemplating so-called helicopter money, which involves the central bank directly funding government spending. The Bank of England left its key rate at a record low and signaled it's readying stimulus for August as the economy reels from Britain's vote to leave the European Union.

U.S. share prices have added almost $2 trillion since June 27, an amount that ranks among the biggest increases in equity value, as easing concern about economic growth and optimism over earnings combines with speculation the Federal Reserve will hold off raising rates. The S&P 500 has climbed in 10 of the last 12 days, rising 8.2 percent to erase a 5.3 percent plunge following the Brexit referendum.

Injecting a cautionary note into the run-up today, the chief executive of the world's largest asset manager said the current rally may not be justified and won't last unless earnings pick up. "If we don't see better-than-anticipated corporate earnings I think the rally will be short lived," BlackRock Inc.'s Laurence D. Fink said in an interview.