U.S. Stocks Halt 5-Day Slide Amid Oil Rally; Treasuries Weaken
- S&P 500 pares weekly decline, Stoxx 600 jumps from 2013 low
- Oil surges 11 percent to surpass $29 a barrel in New York
Have Central Banks Run Out of Bullets?
This article is for subscribers only.
U.S. stocks halted a five-day slide that dragged global equities into a bear market, as oil rebounded with its best day in seven years and bank shares jumped the most since 2011. Treasuries had the biggest drop of the year.
The Standard & Poor’s 500 Index’s rally trimmed its loss for the week to less than 1 percent amid data showing higher retail sales. Lenders rallied 4 percent after JPMorgan Chase & Co.’s Jamie Dimon said he bought more shares in the bank, while Commerzbank AG’s results helped European equities rebound from the lowest level since 2013. The yield on 10-year Treasuries climbed for the first time in six days. Crude rallied 12 percent from a 12-year low to top $29 a barrel in New York.