Stocks Pare Drop Into Close to End Higher for Week: Markets Wrap
- U.S. 10-year yield drops to record lows; dollar declines
- Oil tanks as OPEC+ unable to agree on deep output cuts
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U.S. stocks staged a furious rally in the final hour of trading that cut in half a rout that reached 4% and left the S&P 500 higher after a tumultuous week dominated by fear the spreading coronavirus will upend global growth. Treasuries surged.
The S&P 500 slid 1.7% Friday and ended the week up 0.6%. Indexes were whipsawed over the past five days as the spreading virus shook investor confidence and spurred action from central banks and governments.