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Stocks Jump Most in Week Amid U.S. Growth Optimism

June 16, 2020

(Bloomberg) -- Stocks rose for a third day as optimism over a recovering U.S. economy overrode concern that coronavirus cases are worsening in locations ranging from Texas to China. Treasury yields rose and the dollar strengthened.


The S&P 500 climbed 1.9%, with energy, health care and materials leading all 11 industry sectors higher in the biggest gain in more than a week. The benchmark index initially surged after data showed U.S. retail sales jumped by the most on record. Federal Reserve Chairman Jerome Powell said the U.S. economy may be bottoming out during his semi-annual policy report to Congress.


“Right now there’s more cross currents than I can ever remember,” said John Porter, chief investment officer of equities at Mellon Investments. “The weight of where investors are focusing day-to-day really swings wildly from fears of the second wave, concerns about escalating tensions with China, complete vacuum of visibility on earnings.”




The yield on two-year Treasuries gained one basis point to 0.20%, the highest in a week.


The yield on 10-year Treasuries climbed three basis points to 0.75%, the highest in a week.


Germany’s 10-year yield gained two basis points to -0.43%, the first advance in a week and the largest gain in more than a week.


Britain’s 10-year yield increased less than one basis point to 0.207%.



West Texas Intermediate crude advanced 2.7% to $38.13 a barrel, the largest gain in more than a week.


Gold strengthened 0.1% to $1,726.65 an ounce.



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