Stocks Rise in Volatile Trading; Oil Snaps Slide: Markets Wrap
- Initial jobless claims worse than forecast for second week
- Several U.S. states are recording new coronavirus outbreaks
This article is for subscribers only.
U.S. stocks climbed the most in more than a week as investors weighed the prospects for additional stimulus against the spike in American virus cases. Crude oil snapped a two-day slide and the dollar strengthened.
The S&P 500 jumped in the last hour of trading after fluctuating for most of the session to finish up 1.1%. The index is clinging to a monthly gain after one of the highest-ever increases in U.S. cases prompted Texas and Florida to halt the next phases of the reopening of their economies. Banks surging 2.7% after regulators eased rules that will free up capital. Investors also grappled with a mixed batch of economic data, after initial jobless claims topped estimates at almost 1.5 million.