Stocks Rise With Weak Data Set Aside; Oil Jumps: Markets Wrap
Shares advanced in Tokyo, Seoul and Sydney, while futures on the S&P 500 edged higher.
(Bloomberg) -- U.S. stocks rose as traders looked past trade jitters and weak economic data. Treasuries fell. Oil jumped.
The S&P 500 erased losses, but still posted its worst week since March 20 -- just before the gauge started a torrid rally. Sorrento Therapeutics soared 158% amid coronavirus antibody development claims. J.C. Penney surged 21% after saying it made an almost $17 million interest payment due May 7. Earlier Friday, stocks slumped as retail sales and factory output registered their steepest declines on record. Meanwhile, the U.S. moved to curtail Huawei Technologies’ chip supply, spurring a rout in semiconductor companies.
The Federal Reserve issued a stark warning Friday that stock and other asset prices could suffer “significant declines” should the coronavirus pandemic deepen, with the commercial real estate market being among the hardest-hit industries. Mounting tension between the world’s two largest economies has investors concerned of an even deeper global recession. The cost of the coronavirus pandemic could reach as much as $8.8 trillion, according to the Asian Development Bank.
“It’s a sobering week,” said Tracie McMillion, head of global asset allocation strategy at Wells Fargo Investment Institute. “Investors have a lot to think about with regard to China. We got data this week that accentuate the difficulty the economy is experiencing right now.”
These are some of the main moves in markets:
Stocks
- The S&P 500 Index climbed 0.4% at 4 p.m. New York time.
- The Stoxx Europe 600 Index advanced 0.5%.
- The MSCI Asia Pacific Index advanced 0.2%.
Currencies
- The Bloomberg Dollar Spot Index increased 0.3%.
- The euro climbed 0.1% to $1.0818.
- The Japanese yen was little changed at 107.20 per dollar.
Bonds
- The yield on 10-year Treasuries climbed one basis point to 0.63%.
- Germany’s 10-year yield climbed one basis point to -0.53%.
- Britain’s 10-year yield increased three basis points to 0.231%.
Commodities
- The Bloomberg Commodity Index advanced 0.6%.
- West Texas Intermediate crude increased 7.4% to $29.61 a barrel.
- Gold climbed 0.7% to $1,753.30 an ounce.
©2020 Bloomberg L.P.