US markets rise more than seven percent, but unemployment fears continue to mount.
Investors are applauding an apparent slowdown in New York coronavirus-related deaths. On Sunday – for the first time in seven days – New York reported the rate at which people are dying from the virus appeared to be slowing, a positive sign for a state where the rate appeared to be doubling for days.
Each of the major United States indexes rallied at least 7 percent. The gains marked the biggest daily percentage rise for each index since March 24. The Dow Jones Industrial Average gained 7.73 percent to closed at 22,679.99. The S&P 500 index – a gauge for the performance of US retirement and college savings plans – gained 7.03 percent. The Nasdaq Composite added 7.33 percent.
“Seeing the market soar the way it is, even though the fundamentals continue to be in free fall, the market is looking across the valley and saying ‘six months from now things will be on the ascent,’” said Sam…
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2020-04-06 07:00:00
