U.S. Stocks Edge Higher, Treasuries Decline as Gold Jumps
- S&P 500 pares weekly decline as commodities producers advance
- Gold surges past $1,290 an ounce on reduced rate bets
U.S. Adds 160,000 Jobs in April, Jobless Rate at 5%
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U.S. stocks staged an afternoon comeback to close higher as resource producers rallied with prices for metals from gold to copper. Treasuries fell as a slowdown in jobs growth coupled with accelerating wage gains did little to alter views on the timing for higher interest rates.
The S&P 500 Index pared its weekly decline, as gold’s biggest surge in a week bolstered miners while crude climbed toward $45 a barrel. Emerging-market shares headed for the worst week since January amid concerns that global growth is slowing. The drop in Treasuries sent yields higher, while the dollar headed for an 18-month low versus the yen.