Brent crude oil’s rise back above $50 a barrel helped lift stocks on global markets yesterday, while upbeat earnings and economic data soothed worries the world economy may be headed for another slowdown.

All three major US stock indexes hit record highs in early New York trading as Boeing and AT&T led another set of strong earnings reports from US companies.

A US dollar index gained slightly and US Treasury prices were nearly flat as investors waited on the Federal Reserve’s statement from its two-day meeting to see if the US central bank gives any new indications about when it will begin paring its bond holdings and next raise interest rates.

Many analysts and investors expect the Fed to say at its September meeting it will begin reducing its bond portfolio, but they will be watching for any hints on the timing at this week’s meeting. Further Fed rate hikes are not seen as likely until at least December.

“Any change or confirmation from the Fed statement could make that a market mover this afternoon,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

But this morning “there are a lot of bullish things across the different markets,” he said. “Strong earnings reports really boosted the Dow. Oil is up ... The dollar hit the bottom of its two-year range so it looked like it was due for a bounce.”

Oil prices rose to near eight-week highs, with Brent futures trading over $50 a barrel after data showing a fall in US inventories.

Brent futures were up 74 cents to $50.94, while US West Texas Intermediate futures climbed 80 cents to $48.69.

The S&P 500 energy index  was up nearly 1.2 per cent and among the day’s top perform-ing sectors.

The Dow Jones Industrial Average was up 105.61 points, or 0.49 per cent, to 21,719.04, the S&P 500  had gained 1.87 points, or 0.08 per cent, to 2,479 and the Nasdaq Composite had added 7.78 points, or 0.12 per cent, to 6,419.96.

MSCI’s index of stock markets across the world was up 0.13 per cent, while European shares rose 0.45 per cent.

The dollar, hurt since March by a retreat in expectations for further rises in US interest rates this year, yesterday gained 0.1 per cent against both the euro and the euro-dominated basket of currencies most used to measure its broader strength.

Benchmark 10-year US Treasury notes dipped 2/32 in price to yield 2.33 per cent, unchanged from Tuesday.