Equity Markets climbed to more than 10-week highs as investors focused on signs the American economy will continue to reopen, while U.S. Central Bankers acknowledged the severity of the Coronavirus pandemic when they met last month. Crude oil rallied for a fifth day. The S&P 500 erased all of Tuesday’s losses, with Lowe’s Cos. and Target Corp. reporting sales that topped estimates. The Index pulled back from its session high after the Senate passed a bill that could bar some Chinese companies from listing on American exchanges, adding to tensions between the nations. Gains were broad, with energy, financials and technology leading all 11 sector groups higher. The Index is up more than 30% since its March low, but the advance has largely petered out in May as volatility returned. U.S. Central Bankers saw the pandemic posing a severe economic threat and were also concerned by the risks to financial stability, Minutes of the April 28-29 Federal Open Market Committee meeting showed. The Stoxx Europe 600 Index erased an early decline to close higher. The Euro posted its fourth straight advance versus the Dollar, as expectations built for the approval of a region-wide stimulus plan. Gilts climbed as the U.K. sold bonds at a negative yield for the first time. Yields were steady as the U.S. Treasury resumed sales of 20-year bonds for the first time since 1986. The securities drew a yield of 1.220%, slightly higher than the 1.213% yield that traders were indicating before the sale. Investors have been whipsawed by conflicting news regarding a possible vaccine for the virus, as many governments around the world ease lockdowns even as the pandemic continues to spread, with Brazil now the world’s hotspot for new infections. The Euro’s gains coincided with progress on a 500 billion-euro ($550 billion) fiscal-stimulus plan by the European Union, though critics say the package may be too little, too late to counter the devastating effect on the region’s economies and bolster the outlook for corporate profits. Elsewhere, Equity Benchmarks in Japan and India saw the bulk of gains in a mixed Asian session, with Shanghai and Hong Kong in the red. In Japan, Tokyo Stock Exchange was among stocks which surged amid speculation that it may be a contender to join the Nikkei 225 equity index.

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