U.S. Equity Markets rebounded as a rally in beaten-down industries outweighed pessimism over bleak economic data and trade tensions. In a very volatile session, banks led gains in the S&P 500 as Wells Fargo, JPMorgan and Bank of America jumped at least 4%. Energy shares joined a surge in crude. Both industries are still the worst performers this year — tumbling more than 30%. The Dow Jones Industrial Average outperformed major benchmarks as American Express and Cisco Systems jumped. Treasuries rose. Earlier losses in stocks were driven by weak U.S. jobless claims and as President Donald Trump said he doesn’t want to talk to his Chinese counterpart Xi Jinping right now. While caution still prevails, some traders may be buying the dip after a sell-off that put the S&P 500 on pace for its worst week since March 20 — or just before the start of a furious stock rally. The number of Americans seeking Unemployment benefits remained in the millions for an eighth straight week as the economy continued to reel from the Coronavirus pandemic. Initial Jobless Claims in state programs totaled 2.98 million in the week ended May 9, Labor Department figures showed Thursday, following 3.18 million the prior week. Later in the day, however, Connecticut corrected its figure to show 29,846 claims, rather than the 298,680 shown in the federal report, indicating an error inflated the national figures. With the latest numbers, a total of about 36.5 million applications for unemployment insurance have been filed since the virus began shutting down businesses in mid-March. That is close to the level of all claims filed during the last recession, which ran for 18 months. Elsewhere, Oil rose as Saudi Aramco slashed its sales to key buyers and the IEA said that the market is showing signs of improving.
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