U.s. stocks leap as global relief rally kicks in

by MR Magazine Staff

U.S. stocks surged Friday after two days of market tumult as trade tensions with China seemed to ease, at least temporarily, with the countries planning to meet in November and the Treasury Department saying that China isn’t manipulating its currency. Treasuries slipped, the dollar was steady and crude climbed above $71 a barrel. All major U.S. benchmarks were up more than 1 percent. The S&P 500 which is looking to snap a six-day losing streak totaling 6.8 percent, climbed the most since March and the Dow Jones Industrial Average added more than 300 points. The rally was global, with the MSCI All-Country World Index gaining more than 1 percent. However, European shares faded into the close, with the Stoxx 600 Index erasing a gain that had reached almost 1 percent to cap its worst week since February. Tech drove much of the strength in U.S. markets as the Nasdaq 100 Index jumped more than 2.5 percent. Banks were sluggish, however, despite mostly positive earnings reports from JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. Read more at Bloomberg.