U.S. Equity Markets ended the week higher, as traders looked past Trade jitters and weak economic data. Treasuries fell. Oil jumped. The S&P 500 erased losses, but still posted its worst week since March 20 — just before the gauge started a torrid rally. Sorrento Therapeutics soared 158% amid Coronavirus antibody development claims. J.C. Penney surged 21% after saying it made an almost $17 million interest payment due May 7. Earlier Friday, stocks slumped as Retail Sales and Factory Output registered their steepest declines on record. Meanwhile, the U.S. moved to curtail Huawei Technologies’ chip supply, spurring a rout in semiconductor companies. The Federal Reserve issued a stark warning Friday that stock and other asset prices could suffer “significant declines” should the Coronavirus pandemic deepen, with the commercial real estate market being among the hardest-hit industries. Mounting tension between the world’s two largest economies has investors concerned of an even deeper global recession. The cost of the Coronavirus pandemic could reach as much as $8.8 trillion, according to the Asian Development Bank. Overnight, Oil rose above $30 a barrel for the first time in two months as producers in the U.S. and elsewhere continued to cut activity, helping to rebalance a market that was thrown into disarray by Coronavirus lockdowns. Futures in New York climbed around 5% after almost doubling in a run of three weekly advances. The number of drilling rigs in the U.S. fell for a ninth week to levels not seen in more than a decade, while stockpiles at the key storage hub in Cushing, Oklahoma, shrank for the first time since late February. Iraq said it planned to halt output from one of its oil fields due to protests.
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