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Stocks Rally as Dip Buying Intensifies After Rout: Markets Wrap

Rita Nazareth and Claire Ballentine
·2-min read
Stocks Rally as Dip Buying Intensifies After Rout: Markets Wrap
Stocks Rally as Dip Buying Intensifies After Rout: Markets Wrap

(Bloomberg) -- Stocks climbed as dip buyers appeared after the market slide and traders awaited developments on U.S. stimulus talks.

After the close of regular trading, House Speaker Nancy Pelosi’s spokesman said that she talked with Treasury Secretary Steven Mnuchin Friday regarding a relief package, and they agreed to continue their conversation. Tech companies led gains in the S&P 500, while real-estate, industrial and consumer-discretionary shares rose at least 1.4%. Boeing surged on a news report the top U.S. aviation regulator plans to test-fly the grounded 737 Max on Wednesday. Carnival and Royal Caribbean Cruises rallied after being upgraded at Barclays, which said the “worst is in the past” for cruise companies. The dollar advanced.

The benchmark gauge of American equities still posted its fourth straight weekly drop -- the longest losing streak since August 2019. Amid mounting signs that the pace of recovery will ebb with an uptick in global coronavirus cases and lack of further government aid, investors have once again turned back to the companies flush with cash and tested in times of crisis.

“If I were to be unsure about a stimulus package, unsure about whether there will be a vaccine, there’s no better thing than to hide out in the megacap tech stocks because they work in an economy-closed scenario,” Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management.

Read: S&P 500’s Fourth Week of Losses Sounds Alarm on Economic Growth

These are some of the main moves in markets:

Stocks

The S&P 500 increased 1.6% at 4 p.m. New York time.The Stoxx Europe 600 Index fell 0.1%.The MSCI Asia Pacific Index climbed 0.4%.

Currencies

The Bloomberg Dollar Spot Index increased 0.3%.The euro dipped 0.4% to $1.1625.The Japanese yen depreciated 0.2% to 105.61 per dollar.

Bonds

The yield on 10-year Treasuries decreased one basis point to 0.65%.Britain’s 10-year yield fell three basis points to 0.189%.Germany’s 10-year yield decreased three basis points to -0.53%.

Commodities

West Texas Intermediate crude dipped 0.5% to $40.12 a barrel.Gold depreciated 0.3% to $1,862.66 an ounce.Silver weakened 1% to $22.91 per ounce.

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