Stocks Advance on Signs Virus Spread Is Easing: Markets Wrap

Bloomberg) -- Stocks climbed on some signs the coronavirus outbreak is either leveling off or easing, with traders assessing the first reports of the cloudy corporate earnings season. The S&P 500 extended a rally from its March lows while the Nasdaq 100 surged 3.3% -- with gains in giant technology companies pushing the index through its 50, 100, and 200-day moving averages. Johnson & Johnson jumped after posting stronger sales and boosting its quarterly dividend while reining in its outlook for the year ahead. In a very volatile session, JPMorgan Chase & Co. and Wells Fargo & Co. slumped as their profits were hit by major provisions. Treasuries advanced and the U.S. dollar retreated against its major peers. Oil erased earlier gains as the demand destruction caused by the coronavirus pandemic outweighed planned output cuts from the world’s biggest producers.