U.S. stocks have joined a worldwide rally, closing out their first back-to-back weekly gain since the market began selling off two months ago. The S&P 500 rose 75.01 points to 2,874.56. The Dow Jones Industrial Average jumped 704.81, or 3%, to 24,242.49.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, April 17, 2020. Shares have advanced in Asia after China's economic growth data, while bleak, was better than expected.
The S&P 500 rose 75.01 points to 2,874.56. The Dow Jones Industrial Average jumped 704.81, or 3%, to 24,242.49, and the Nasdaq added 117.78, or 1.4%, to 8,650.14. “Just having that light at the end of the tunnel is what people really want to see,” said J.J. Kinahan, chief market strategist at TD Ameritrade.
In a sign of a bit less caution in the market, Treasury yields ticked higher but remain extremely low. The yield on the 10-year Treasury rose to 0.64% from 0.61% late Thursday, though it remains well below the 1.90% level it was near at the start of the year. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they’re worried about the economy.
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