Business Maverick: Stocks Edge Higher; Treasuries Gain for Second Day: Markets Wrap

The benchmark S&P 500 rose 0.06%, led by gains in energy, consumer staple and technology shares. Equities had opened lower in the wake of a report that weekly U.S. jobless claims stayed above one million. Meanwhile, Florida’s new cases rose faster than the past week’s average and Texas hospitalizations climbed for a record seventh straight day.

“The story has been and remains that with such powerful cross-currents facing the market we are going to have periods of positivity and even exuberance, and we’re going to have moments of disappointment,” said Lauren Goodwin, economist andasset portfolio strategist at New York Life Investments. “It’s just endemic of the economic, political, earnings, health, everything environment just being so uncertain.”Elsewhere, the Stoxx Europe 600 declined.

The picture for global markets remains complex as investors mull reports on China battling its worst outbreak since Wuhan, and Israel pausing further reopening of the economy after a rise in cases. That’s competing with some positive news on the economic front, as well as a flood of promised stimulus measures.

“The markets are fragile right now and I think a lot of investors see how quick the markets have recovered — equity market in particular,” said Chris Gaffney, president of world markets at TIAA Bank. “Everyone is starting toThe S&P 500 Index increased 0.1% to 3,115.34 as of 4:07 p.m. New York time.The Nasdaq Composite Index climbed 0.3% to 9,943.05, hitting the highest in more than a week with its fifth consecutive advance.The Bloomberg Dollar Spot Index advanced 0.5% to 1,220.

The British pound fell 1.1% to $1.242, the weakest in almost three weeks on the biggest fall in a week.The yield on 10-year Treasuries fell four basis points to 0.70%, the lowest in a week on the biggest fall in a week.Britain’s 10-year yield jumped four basis points to 0.228%, the highest in more than a week on the biggest surge in almost two weeks.West Texas Intermediate crude gained 2.3% to $38.85 a barrel, the highest in more than a week.

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