U.S. stocks advanced for a third day on rising optimism the pandemic’s damage to the economy has peaked. Treasuries rose and oil slipped.
The S&P 500 climbed to an 11-week high, holding above 3,000 points and its average price for the past 200 days, technical levels considered key by chart watchers. For a second day, stocks most punished by the effects of the economy shutting, from Carnival Corp. to United Airlines, performed best as investors anticipate a sharp uptick in spending on non-essential goods and services. Stay-at-home beneficiaries from Peloton Interactive to Zoom Video Communications fell.