Stocks finished a strong week higher as optimism for a potential coronavirus vaccine and the reopening of the U.S. economy won out over renewed U.S.-China geopolitical tensions and the ongoing deterioration of the U.S. labor market.
Stocks posted weekly losses as declining economic conditions, elevated volatility and rising trade-tension risk weighed on sentiment. Nonetheless, markets partially recovered Friday as April industrial production and May manufacturing and consumer sentiment came in better than expected.
Stocks posted a week of solid gains as markets focused on an April jobs report that wasn’t as bad as feared, expectations of continued fiscal and monetary policy support and signs of easing U.S.–China trade tensions.
U.S. Stocks finished higher for the second straight week, as investor optimism rode high on plans for some states to begin the process of reopening their economies and encouraging reports of potential COVID-19 treatments.