(Bloomberg) — A global equity rally picked up steam on Wednesday after U.S. stocks climbed to fresh records, with cash continuing to flow into cyclical sectors. The dollar extended its decline.Shares rose across Asia Pacific, with energy and raw-materials stocks leading gains. Futures on the S&P 500 Index pushed higher after the index closed at an all-time high and the Dow Jones Industrial Average topped 30,000 for the first time. Helping sentiment overnight was the formal start of President-elect Joe Biden’s transition, a clearer sense of what his Treasury Department will have in policy preferences under Janet Yellen and a third promising vaccine candidate. The Treasury yield curve continued to steepen on Thursday. Oil held its surge above $45 a barrel in New York.Positive vaccine news has fueled optimism that the global economic recovery can continue despite more troubling news on the virus front, with cases rising and more U.S. states enacting restrictions ahead of the Thanksgiving holiday. Next up Wednesday comes a slew of American economic indicators, from jobless claims to readings on consumer confidence and personal income.“Looking three to six months out, we do think the recovery will maintain its momentum,” Anna Han, equity strategist at Wells Fargo Securities LLC, said on Bloomberg TV. “When you see that reflation trade coming back, it’s telling you that investors are gaining confidence in growth prospects looking forward.”Elsewhere, Bitcoin rose to a three-year high, topping $19,000 as it closed in on a record. In New Zealand, bond yields climbed to the highest since July following the central bank’s quantitative easing operation.Here are some key events coming up:Minutes of the most recent Federal Open Market Committee meeting are due Wednesday.U.S. jobless claims, GDP and personal spending data come Wednesday.U.K. Chancellor of the Exchequer will lay out spending plan on Wednesday.Thursday sees a policy decision and briefing from the Bank of Korea.U.S. celebrates the Thanksgiving holiday on Thursday.The week ends with Black Friday, the traditional start of the U.S. holiday shopping season.These are the main moves in markets:StocksS&P 500 Index futures added 0.5% as of 10:25 a.m. in Tokyo. The gauge rose 1.6% on Tuesday.Japan’s Topix index advanced 1.5%.Hang Seng rose 0.9%.Shanghai Composite added 0.4%.South Korea’s Kospi index gained 0.6%.Euro Stoxx 50 futures advanced 0.7%.CurrenciesThe Bloomberg Dollar Spot Index was flat after falling 0.4%.The euro bought $1.1901, up 0.1%.The yen was at 104.49 per dollar.The offshore yuan traded at 6.5707 per dollar.BondsThe yield on 10-year Treasuries rose one basis point to 0.89%.Australia’s 10-year yield climbed four basis points to 0.94%.CommoditiesWest Texas Intermediate crude rose 0.3% to $45.01 a barrel.Gold was at $1,811.34 an ounce, up 0.2%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.