NEW: Stocks rally in early trading, erasing their losses for the week, as investors hope for a breakthrough in the U.S.-China trade war.
Stocks rallied in early trading Friday, erasing their losses for the week, as investors hope for a breakthrough in the U.S.-China trade war.
Investors dumped bonds as they moved money out of low-risk assets. That sent yields sharply higher. The yield on the 10-year Treasury, a benchmark for mortgages and many other kinds of loans, jumped to 1.75% from 1.65% late Thursday, a big move. SECTORS: Industrial companies also rose sharply. Caterpillar, a bellwether company on trade sentiment, jumped 4.2%. Real estate companies, consumer product makers and utilities lagged the market in another sign that investors are more confident and heading for holdings with better growth potential.
The explosion follows other attacks earlier this year on tankers in the Persian Gulf, through which about 20% of all oil traded worldwide passes.
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