SATURDAY, April 27, 2024
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Stocks gain on bet that fresh stimulus is coming

Stocks gain on bet that fresh stimulus is coming

U.S. stocks climbed on optimism that officials will come to terms on fresh economic stimulus, putting a gauge of global stocks on the verge of erasing this year's losses. Gold extended gains amid speculation that interest rates will stay low for longer.

The S&P 500 rose for a fifth straight day, with Apple leading the charge as it reached a record and helping lift the MSCI All-Country World Index to little changed for the year. Stocks got a lift in the afternoon as lawmakers pledged to keep working toward a coronavirus relief package and President Donald Trump said he could act unilaterally on some measures. The dollar slipped.

Equity gains have mounted in the past week amid better-than-forecast earnings and optimism on a coronavirus vaccine, but any hint that negotiators won't be able to resolve differences over a new U.S. relief package has sparked jitters. The White House and congressional Democrats are up against a self-imposed Friday deadline to strike a deal as data that was released Thursday showed almost 1.2 million unemployment claims.

"Anything that we can do to continue to provide a bridge to people as we get through this crisis is going to be really important," said Chuck Cumello, president and chief executive officer of Essex Financial Services. "The U.S. consumer is driving two-thirds of the economy."

Elsewhere, mining and energy producers were among the laggards as European stocks slumped. Turkey's lira touched a record low against the dollar as interventions by state banks did not reassure markets. Gold climbed above $2,050 an ounce in a fifth straight day of gains.

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Here are some key events coming up:

- Germany's June industrial production figures are scheduled for Friday.

- The July U.S. jobs reports is expected Friday.

These are some of the main moves in markets:

Stocks

- The S&P 500 Index rose 0.6% at 4 p.m. New York time.

- The Stoxx Europe 600 Index declined 0.7%.

- The MSCI Asia Pacific Index rose 0.2%.

Currencies

- The Bloomberg Dollar Spot Index slipped 0.1%.

- The Japanese yen was little changed at 105.56 per dollar.

- The Turkish lira weakened 2.5%, to 7.2253 per dollar and fell as low as 7.31.

Bonds

- The yield on 10-year Treasurys decreased one basis point, to 0.54%.

- Britain's 10-year yield dipped two basis points, to 0.11%.

- Germany's 10-year yield declined three basis points, to -0.53%.

Commodities

- West Texas Intermediate crude fell 0.4%, to $42.03 a barrel.

- Gold strengthened 1.2%, to $2,061.90 an ounce.

- Copper fell 0.1%, to $2.9135 per pound.

 

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