Stocks Post First Weekly Gain in Three; Bonds Fall: Markets Wrap
- Oil registers first back-to-back weekly gain since February
- Unemployment rate rises to 14.7%, highest since Depression
This article is for subscribers only.
Stocks gained for a second day with investors embracing risk in spite of the biggest monthly loss in jobs in more than 70 years. Yields on Treasuries rose and the dollar weakened.
Shares of energy, industrial and consumer staples companies helped the S&P 500 register its first weekly gain in three. The tech-heavy Nasdaq climbed for a fifth day, bringing this week’s gain to 6%. The latest jobs report showed a cut of 20.5 million workers in April, propelling the jobless rate to 14.7%. While that was the highest since the Great Depression, investors were anticipating the damage and speculating it will mark a low point during the pandemic-fueled economic slump.