FTSE 100 Nears Record High as Housing Stimulus Fuels Rally and Gilt Yields Soar

London’s FTSE 100 crept to 10,875 on Tuesday, up 0.18% and within striking distance of its all-time intraday peak of 10,989 set in July. The index notched its fifth consecutive gain—its best run in three months—as investors shunned volatile tech stocks and piled into UK-focused sectors.

Behind the Data

The rally is powered by a potent one-two punch: a £10bn government housing pledge that sent housebuilder shares soaring, and a rush into...