Stocks surged again on Wall Street even as the massive scale of the downturn slamming the economy becomes more apparent. The S&P 500 index is now up 17% since Monday.
FILE - This photo provided by the New York Stock Exchange shows the unoccupied NYSE trading floor, closed temporarily for the first time in 228 years as a result of coronavirus concerns, Tuesday March 24, 2020. Global stocks and U.S. futures declined Thursday after the U.S. Senate approved a proposed $2.2 trillion virus aid package following a delay over its details and sent the measure to the House of Representatives.
Nearly 3.3 million Americans applied for unemployment benefits last week, easily shattering the prior record set in 1982, as layoffs and business shutdowns sweep across the country. Despite the big gains, the S&P 500 remains 22% below its February high and analysts expect more dire economic headlines, and market turbulence, in the days ahead.
The prospect of a big financial shot in the arm for businesses and households helped offset some of the concerns about the steep job losses the economy is beginning to see due to the coronavirus. “I wouldn’t necessarily say that where the market was yesterday we won’t see that again,” Slimmon said. “There is bad news still to come.”
For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death
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