GLOBAL MARKETS – Bonds, stocks rise on oil draw; The yen jumped after the Japanese currency intervention

* Brent falls after reaching four-year high

* ECB and BOE hold rates unchanged in Europe

* Japan is stepping in to combat currency weakness, sources say

* Apple shares behind the shutter bell (Updates on US shutter standards)

NEW YORK/LONDON, April 30 (Reuters) – Global bond and stock prices rose on Thursday as oil prices hit a four-year high, and the yen jumped after sources said Japan had stepped in to support the currency.

Brent crude futures rose to $126.41 a barrel but missed those gains, gaining $4.02, or 3.4%, to $114.01. US crude fell $1.81 to $105.07. Oil markets have been in a period of extreme volatility since joint US-Israeli strikes against Iran sparked a Middle East conflict in late February. The war has severely restricted navigation through the Strait of Hormuz, which is used to transport a fifth of the world’s oil and gas. Oil prices have been steadily rising over the past few days as an agreement to reopen the waterway has yet to materialize.

Tensions in the Middle East showed no signs of easing on Thursday, as Iran warned it would retaliate if the United States abandons its offensive and renews its offensive, suggesting efforts to negotiate a peace deal have reached an impasse. Top US military leaders were expected to brief US President Donald Trump on possible war with Iran, a US official told Reuters. The day’s oil decline boosted some riskier assets, however, and shares were stronger after gains from AI-focused tech giants such as Alphabet, which rose 10% following a record quarter for its cloud unit. After the closing bell, Apple shares rose more than 3% after the company forecast better-than-expected sales, as it said it expected to continue to face chip supply issues.

With earnings, “occasionally, you know, they have some friction, but I would say, overall, they deliver,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

After a bad March following the outbreak of war, April was a strong month for equities. The S&P 500 and Nasdaq posted their biggest monthly gains in years as investors looked to ride out a sharp decline in oil supplies that boosted prices.

The Dow Jones Industrial Average rose 790.33 points, or 1.62%, to 49,652.14, the S&P 500 rose 73.06 points, or 1.02%, to 7,209.01 and the Nasdaq Composite rose 219.07 points, or 2,899. at 2.9%.

The MSCI gauge of global stocks rose 9.54 points, or 0.89%, to 1,077.10, and was the biggest percentage gain since 2020. The pan-European STOXX 600 index rose 1.38%.

“We’re in a very strong market,” said Adam Sarhan, chief executive of 50 Park Investments in New York. Shares could rise even higher, unless there is another big spike in oil prices or a commodity shock, he said.

ECB, BOE KEEP RATES STADY The ECB and the Bank of England have kept rates steady. On Wednesday, there was a change in tone from the Federal Reserve as it left rates unchanged. Three members of the U.S. central bank’s board voted to withdraw bias from the policy statement in the most divisive decision since 1992.

Japan stepped in to prop up the yen, its first formal intervention in nearly two years, two sources familiar with the matter told Reuters, sending the currency sharply higher against the dollar.

The sources, one government and one market source, spoke on condition of anonymity because they are not authorized to speak to the media. The dollar fell about 3% against the yen to 155.5 yen, the biggest one-day drop since late December 2024. It last fell 2.4% to 156.51 yen. Against the Japanese yen, the dollar fell 2.5% in the afternoon to 156.33.

In Treasuries, the yield on the 2-year note, which usually moves in line with Fed interest rate expectations, ended 4.9 basis points lower at 3.883%. The yield on the benchmark US 10-year note fell 2.8 basis points to 4.388%. Prices move in the opposite direction of yields.

Earlier, UK 2-year yields dipped below 4.5%, while German 2-year yields – which are sensitive to near-term ECB rate changes – rose eight days.

On Wednesday, outgoing Fed Chairman Jerome Powell confirmed he would stay on as governor for the time being to protect the institution’s independence as his successor Kevin Warsh, a low-level Trump lawyer appointee, moved closer to confirmation.

In other commodities, physical gold rose 1.7% to $4,618.67 per ounce.

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