(Bloomberg) -- U.S. stocks fluctuated in a flood of trading caused by expiring options and futures contracts. Treasuries rose and the dollar halted its rally as investors studied unprecedented government measures to shield jobs and economies from the coronavirus pandemic.
The S&P 500 erased early losses as the Federal Reserve, along with central banks in Europe, Japan, the U.K., Canada and Switzerland, announced a coordinated action to beef up dollar liquidity swap line arrangements. Trading was more than double the 30-day average for the time of day. Tech stocks rose as bottom feeders bet on a rebound. Markets gained in Asia and Europe, cutting the weekly drop for stocks worldwide to just under 10%.
The 10-year Treasury yield headed for its lowest closing level since Monday. The dollar weakened against its major peers after vaulting more than 8% in the previous eight sessions. The pound, Australian dollar, South Korean won all leaped versus the greenback, as dollar-swap lines kicked in at more central banks. WTI oil slumped.
Investors are weighing a faster pace of coronavirus infections against flickers of optimism that have followed extraordinary government actions, from plans for stimulus and cash handouts to nationalizing companies. Hedge funds, stock exchanges, banks and even brick-and-mortar businesses in the U.S. are lobbying Washington policy makers not to shut markets.
The turmoil across assets is easing even after the World Health Organization said that the pace of infections is speeding up. Cases doubled to 200,000 in the 12 days through Thursday, but just one day later the tally already was almost halfway to 300,000.
“We are now starting to lean into risk,” Chad Morganlander, senior portfolio manager at Washington Crossing Advisors, told Bloomberg TV. “The tail of this is going to be potentially somewhat more extended than what the overall market thinks, so we’re not going to get back to business as usual for the next three months, but the policy backdrop across the globe will help soften the blow.”
In the latest virus developments,
Global deaths top more than 10,000, according to Johns Hopkins UniversityBank of England cancels annual bank stress testsCalifornia governor issues statewide order to stay at homeAirline Cathay Pacific to reduce capacity 96%The German government wants to set up a rescue fund for companies hit by coronavirus worth about 500 billion euros, Spiegel reported, without saying where it got the information.
These are the main moves in markets:
Stocks
The S&P 500 Index rose 0.1% as of 10:02 a.m. New York time.The Stoxx Europe 600 Index rose 2.1%.The MSCI Asia Pacific Index surged 3%.
Currencies
The Bloomberg Dollar Spot Index dipped 0.7%.The euro advanced 0.1% to $1.07.The British pound climbed 2.4% to $1.1761.The Japanese yen was little changed at 110.77 per dollar.
Bonds
The yield on 10-year Treasuries dipped 14 basis points to 1%.Germany’s 10-year yield fell 11 basis points to -0.31%.Britain’s 10-year yield decreased 21 basis points to 0.50%.
Commodities
Gold gained 1.2% to $1,489.40 an ounce.West Texas Intermediate crude fell 6.5% to $23.57 a barrel.
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2020-03-20 14:02:00Z
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