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U.S. Stocks Climb to Six-Week High While Oil Sinks: Markets Wrap

  • Crude trades near $13 a barrel as Treasuries, gold decline
  • Japanese, European policy makers move to shore up bonds, banks
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It’s harder to buy equities from a valuation perspective, says Marvin Loh, senior global market strategist at State Street.Source: Bloomberg.
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Stocks advanced as major economies moved toward reopening and policy makers in Japan and Europe sought to reduce pressure on credit markets. The dollar weakened and oil took another dive.

The S&P 500 Index climbed to its highest close since March 10, led by financial companies after a surprisingly good earnings report from Deutsche Bank and amid continued talk of easing lockdowns. The Stoxx Europe 600 Index also rose after Covid-19 deaths slowed in Spain, Italy and France and the countries signaled tentative moves to reopen their economies.