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U.S. stocks slightly higher, but trading is choppy
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Gold goes above $3,200 per ounce to another record high
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US bond yields rise while euro zone bond yields ease
(Updates with early U.S. markets activity)
By Caroline Valetkevitch and Amanda Cooper
NEW YORK/LONDON, April 11 (Reuters) - Major stock
indexes edged up in volatile trading, the U.S. dollar eased and
gold prices hit another record high on Friday as China increased
its tariffs on U.S. imports and a brutal week of market swings
drew to a close.
The U.S. bond selloff resumed, with 10-year Treasury
prices easing and yields - which move inversely to prices - on
track for their biggest weekly increase in more than 43 years as
investors remained nervous about further bond market
liquidations.
Investors digested a report showing that U.S. consumer
sentiment deteriorated sharply in April and another showing U.S.
monthly producer prices unexpectedly fell in March.
They also looked at results from some big Wall Street banks,
which kicked off the quarterly U.S. reporting period. JPMorgan
Chase ( JPM ), Morgan Stanley ( MS ) and Wells Fargo ( WFC )
were among the reports, which mostly showed major U.S. banks
beat forecasts for the first quarter.
Markets have been rocked by the global trade war and
worries about recession since U.S. President Donald Trump
announced sweeping tariffs late on April 2.
On Friday, China hit back, hiking its tariffs on U.S.
goods to 125%, from 84%.
The Dow Jones Industrial Average rose 67.71
points, or 0.14%, to 39,647.37, the S&P 500 rose 14.71
points, or 0.28%, to 5,282.76 and the Nasdaq Composite
rose 75.17 points, or 0.44%, to 16,458.73.
Technology led S&P 500 sector gains.
"A lot of de-risking has happened in the (tech) space
and investors don't want to take too much risk of being too
underweight in those areas," said Thomas Martin, senior
portfolio manager at Globalt Investments.
MSCI's gauge of stocks across the globe
fell 1.56 points, or 0.20%, to 777.71. The pan-European STOXX
600 index fell 0.13%.
In the Treasury market, analysts said hedge funds and
other asset managers offloaded bonds this week after getting
margin calls and posting sharp losses from market volatility.
Strong auctions of 10-year and 30-year debt on Wednesday
and Thursday helped stabilize the market somewhat, but many
investors remain wary of buying bonds until there is further
improvement in liquidity.
The yield on benchmark U.S. 10-year notes rose
14.3 basis points to 4.535%.
Earlier, euro zone bond yields eased, and the premium
that holders of Treasuries demand to hold U.S. debt rather than
German Bunds rose by the most in a week since the 1990s.
The dollar index, which measures the greenback
against a basket of currencies including the yen and the euro,
fell 0.41% to 100.11, with the euro up 1.07% at $1.1317.
Against the Japanese yen, the dollar weakened 0.61%
to 143.61.
Against the Swiss franc, the dollar weakened 0.87% to
0.816.
Spot gold was up 1.8% at $3,230.75 an ounce,
after hitting a record high of $3,237.56 earlier in the session.
Bullion is up over 6% this week.