Globally, stocks recorded solid gains for the week, as investors appeared to reconcile themselves to the depth of the economic downturn and focus instead on the reopening of parts of economies across the world along with possible therapeutic advances in the fight against the coronavirus. In the U.S gains brought the technology-heavy Nasdaq Composite Index back into positive territory for the year to date and within roughly 7% of its all-time high in February. Relatedly, tech shares outperformed within the S&P 500 Index, boosted by a solid gain in Apple shares. Energy stocks were also strong, helped in part by a slowing rise in domestic oil inventories. Utilities and consumer staples shares lagged.
The high yield market was mostly focused on earnings, and trading volumes were somewhat light as investors analyzed earnings reports. Investors had a generally positive reaction to energy earnings releases, and companies that showed signs of being prudent about managing capital expenditures while maintaining flexibility to increase future production traded higher.
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