(Bloomberg) — Stocks rose as traders looked past weaker-than-estimated economic data, with the market extending a rebound from one of the fastes-ever equity selloffs.
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The S&P 500 headed toward its longest winning streak since early February. Earlier losses were driven by data showing US consumer confidence hit a four-year low. Shorter-term US yields dropped as money markets added to bets on Federal Reserve rate cuts in 2025. The dollar halted a four-day advance. Copper futures on New York’s Comex exchange surged to a record.
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Consumer sentiment surveys from The Conference Board and University of Michigan have been dismal of late as households fear a resurgence in inflation from President Donald Trump’s tariffs. Companies have warned of higher prices and less demand, coinciding with economists’ forecasts that suggest a risk of stagflation and rising odds of recession.
“Sentiment continues to wane among investors, consumers and businesses as economic concerns and economic policy uncertainty takes its toll,” said Bret Kenwell at eToro. “Until there’s more certainty on the tariff and macro front, sentiment and confidence remain vulnerable.”
Some of the main moves in markets**:
Stocks
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The S&P 500 rose 0.2% as of 10:35 a.m. New York time
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The Nasdaq 100 rose 0.3%
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The Dow Jones Industrial Average rose 0.2%
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The Stoxx Europe 600 rose 0.7%
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The MSCI World Index rose 0.4%
Currencies
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The Bloomberg Dollar Spot Index fell 0.2%
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The euro was little changed at $1.0810
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The British pound rose 0.2% to $1.2946
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The Japanese yen rose 0.6% to 149.80 per dollar
Cryptocurrencies
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Bitcoin was little changed at $87,878.9
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Ether fell 0.5% to $2,075.27
Bonds
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The yield on 10-year Treasuries was little changed at 4.33%
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Germany’s 10-year yield advanced four basis points to 2.81%
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Britain’s 10-year yield advanced four basis points to 4.75%
Commodities
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West Texas Intermediate crude rose 0.4% to $69.39 a barrel
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Spot gold rose 0.5% to $3,027.37 an ounce
–With assistance from Sujata Rao, Margaryta Kirakosian, Aya Wagatsuma and Lynn Thomasson.
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