U.S. Stocks Weather Late Swoon to Finish Higher: Markets Wrap

Crude posts longest run of gains in more than nine months
Warning from Clarida weighted late on stocks; dollar gains

The coronavirus pandemic will continue to have a deflationary effect, and inflationary pressures will only start to materialize once a vaccine is rolled out globally, according to Andrew Wilson, chairman of global fixed income at Goldman Sachs Asset Management.Source: Bloomberg

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By Vildana Hajric and Claire Ballentine

May 4, 2020 at 9:45 PM UTC

Updated on

May 5, 2020 at 8:32 PM UTC

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U.S. stocks closed higher despite a late-day swoon as optimism that more economies are moving toward easing their coronavirus lockdowns outweighed cautionary comments from Federal Reserve officials. Oil surged.

The S&P 500 rose for a second day, led by gains in health care, utilities and information technology companies. The benchmark index’s gain of almost 2% was cut in half in the last hour of trading after Fed Vice Chairman Richard Clarida warned the economy will need more government support. St. Louis Fed President James Bullard said the central bank’s efforts are “very much an experiment.” President Donald Trump continued to blame China for the global pandemic, stoking fears the trade war will reignite.