Stocks Advance Amid Earnings; Treasuries Gain: Markets Wrap
- Nasdaq Composite Index erases loss for the year; gold rises
- Unemployment data shows another surge in jobless Americans
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U.S. stocks rose to the highest in a week as investors sifted through the latest company earnings and poor labor data. Yields on Treasuries tumbled.
The S&P 500 rallied 1.15% with speculation mounting that the worst of the economic damage has passed as more of the country reopens. Filings for unemployment continued at historically high levels, but fell from the prior week. News that top U.S. and Chinese negotiators will speak as soon as next week on trade helped boost sentiment. The tech-heavy Nasdaq Composite turned positive for the year, wiping out losses that reached as much as 24% at the depths of the pandemic-fueled sell-off.