U.S. stocks climb on reopening plan; big tech rallies

In a volatile session, the S&P 500 closed higher and Nasdaq 100 wiped out its losses for 2020. Traders also assessed a fresh batch of corporate earnings, with Morgan Stanley posting a 24% jump in trading revenue, while casting doubt on whether those gains can continue. Treasuries and the dollar rose. Oil closed under $20 a barrel for a second day.

Federal guidelines the Trump administration issued to states on Thursday recommend that they document a "downward trajectory" in cases of coronavirus and flu-like illnesses before relaxing stay-home orders. States could then proceed into a three-phase reopening process, according to the guidelines, which Bloomberg News obtained. Trump will announce the plan during his daily news conference at 6 p.m.

More than 5 million Americans filed for unemployment benefits last week, bringing the total to 22 million in the month since the outbreak throttled the U.S. economy. New home construction declined in March from the previous month by the most since 1984.

"It's like trying to fly a kite in a hurricane while you're in the middle of an earthquake," said Matt Lloyd, chief investment strategist at Advisors Asset Management.

- - -

Still to come this week:

- China releases GDP, industrial production and retail sales and jobless figures Friday.

- - -

These are some of the main moves in markets:

Stocks

- The S&P 500 climbed 0.6% as of 4 p.m. New York time.

- The Stoxx Europe 600 Index rose 0.6%.

- The MSCI Asia Pacific Index decreased 0.8%.

Currencies

- The Bloomberg Dollar Spot Index climbed 0.4%.

- The euro dipped 0.7%, to $1.0835.

- The Japanese yen weakened 0.3% to 107.80 per dollar.

Bonds

- The yield on 10-year Treasuries dipped two basis points, to 0.61%.

- Germany's 10-year yield decreased one basis point, to -0.47%.

- Britain's 10-year yield was unchanged, at 0.302%.

Commodities

- The Bloomberg Commodity Index rose 0.1%.

- West Texas Intermediate crude settled at $19.87 a barrel.