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U.S. stocks rise for 2nd straight day at end of a brutal week

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U.S. stocks recovered from an early stumble and were headed higher in morning trading Friday, extending solid gains from a day earlier as Wall Street rounded out another turbulent week.

If the gains hold they would mark the first back-to-back advance for the market in more than five weeks.

The S&P 500 is down roughly 28% since reaching a record high a month ago. It's close to its lowest point since late 2018. Hopes are rising that there will be progress in finding virus treatments and that "a boatload of stimulus by both central banks and governments will put the global economy in position for a U-shaped recovery," said Edward Moya of Oanda in a report.

On Thursday, the European Central Bank launched a program to inject money into credit markets by purchasing up to 750 billion euros in bonds. The Bank of England cut its key interest rate to a record low of 0.1% and restarted its own program of money injections into the financial system. Australia's central bank cut its benchmark lending rate to 0.25%. Central banks in Taiwan, Indonesia and the Philippines also cut rates.

 

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