Stocks halt skid; Brexit roils pound

U.S. stocks rose for the first time in six days, with beaten-down technology shares leading the rebound on speculation trade tensions will ease.

The pound plunged as Brexit again threw the U.K. government into turmoil. The dollar was little changed, while oil and Treasuries jumped.

Trade-sensitive industrial shares led the S&P 500 index higher in afternoon trading amid hope that China and the U.S. would de-escalate their trade spat before the G20 summit later this month, even as the threat of new tariffs looms. Technology, materials and energy stocks also reacted positively to the news, offsetting a decline in consumer stocks brought on by disappointing results from department stores.

For all the worries assailing investors — Brexit, the trade dispute and Italian budget stress — they are at least receiving a steady message from the U.S. central bank. In a question-and-answer session late Wednesday, Federal Reserve Chairman Jerome Powell played down recent turbulence in equities, saying volatility was only one of many factors that board members take into account when setting policy.

Sterling tumbled after Brexit Secretary Dominic Raab announced his resignation, the highest-profile of several departures on Thursday. Brexit-backer Jacob Rees-Mogg later joined calls for a vote of no confidence in Prime Minster Theresa May. The events throw into doubt her ability to secure Parliament’s support for the exit plan — and even to survive as leader.

As the Westminster resignations rolled in, gilts surged, but at a press conference late Thursday, the premier reiterated her commitment to the exit deal. FTSE 100 index futures surged.

Furor grows over Facebook tactics

Mark Zuckerberg, Facebook’s chief executive and chairman, held a conference call with reporters Thursday to discuss how the social network manages problematic posts and its community standards. The 34-year-old instead fielded questions about how he and his No. 2, Sheryl Sandberg, obfuscated problems such as Russian interference on Facebook and how the company had gone on the attack against rivals and critics.

In Washington, Republicans and Democrats threatened to restrain Facebook through competition laws and to open investigations into possible campaign finance violations. Shareholders ramped up calls to oust Zuckerberg as Facebook’s chairman. And activists filed a complaint to the Federal Trade Commission about the social network’s privacy policies.