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U.S. stocks rose Friday on thin volume before the holiday weekend, but the gains weren’t enough to compensate for a week of market turmoil stoked by trade tensions. Oil advanced, while 10-year Treasury yields edged higher and the dollar slipped.
The S&P 500 Index put in its third straight weekly decline as concerns mount that the trade dispute between the U.S. and China could cripple global growth, with disappointing American factory data Thursday hinting at the fragility of the expansion. The Dow Jones Industrial Average saw a fifth consecutive weekly drop, the longest such streak since 2011.
“We all know what the issues are: the slowing economic scenario -- you had those weak reports on manufacturing orders, Germany is slowing and German consumer confidence is down. You can see it’s being reflected in flight-to-quality items,” said Donald Selkin, chief market strategist at Newbridge Securities Corp. “And of course there’s the trade issue. It doesn’t look to be anywhere near resolved.”
Miners and utilities pushed the Stoxx Europe 600 index higher, while shares in Asia climbed as Chinese equities finished little changed and Indian stocks rebounded. Despite the gains, a gauge of global equities headed for a third straight weekly drop, its longest losing streak of the year.
Oil climbed as supply risks outweighed concerns that the trade war will stifle demand. Sterling advanced after U.K. Prime Minister Theresa May announced she will step down as party leader June 7. Italy’s bonds jumped after Deputy Prime Minister Matteo Salvini said that he would be willing to talk to French and German leaders about his nation’s budget
And these are the main moves in markets:
The S&P 500 Index rose 0.1% as of 4 p.m. New York time.The Stoxx Europe 600 Index rose 0.6%, the biggest advance in a week.The U.K.’s FTSE 100 Index increased 0.6%.The MSCI Emerging Market Index gained 0.3%.
The Bloomberg Dollar Spot Index fell 0.2%, the biggest drop in almost three weeks.The euro rose 0.3% to $1.1209, the strongest in more than a week.The British pound increased 0.4% to $1.2715, the biggest gain in almost three weeks.The Japanese yen gained 0.3% to 109.30 per dollar, the strongest in 16 weeks.
The yield on 10-year Treasuries advanced less than one basis point to 2.32%.Germany’s 10-year yield rose less than one basis point to -0.12%.Britain’s 10-year yield increased less than one basis point to 0.956%.
West Texas Intermediate crude gained 1.6% to $58.84 a barrel.Gold rose 0.1% to $1,284.89 an ounce.
--With assistance from Adam Haigh and Namitha Jagadeesh.
To contact the reporters on this story: Sarah Ponczek in New York at firstname.lastname@example.org;Vildana Hajric in New York at email@example.com
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