Stocks rise on hopes for coronavirus progress

Stocks rise on hopes for coronavirus progress

Stocks are rising at the opening of trading on Wall Street Friday as investors rally around signs that more governments are planning phased re-openings of their economies.

News that China’s economy suffered the worst downturn since 1979 last quarter did little to depress traders’ optimism after the White House issued guidelines for a phased reopening of businesses, schools and other institutions.

The Dow Jones Industrial Average climbed 300 points. The S&P 500 rose 1.5% and could close out its first back-to-back weekly gain since the market began to sell off in February on worries about the virus. Asian and European indexes also rose.

Behind on child support?:If so, you won't get a stimulus check

Student loans:Will I get a stimulus check if I defaulted on my student loans?

Wall Street sign in front of New York Stock Exchange.

Some optimistic investors are focusing on the massive aid for the economy promised by the Federal Reserve and the U.S government. They also point to recent signs that the outbreak may be leveling off in some of the world’s hardest-hit areas.

China’s economy contracted 6.8% in the last quarter from a year earlier as the country battled the coronavirus.

“The March data add to broader signs that China’s economy is past the worst. But the recovery will probably continue to underwhelm,” analyst Julian Evans-Pritchard of Capital Economics said in a commentary. He added that after an initial bounce as factories reopened, “the recovery in activity has since slowed to a crawl.”

Treasury yields remain extremely low, though, reflecting pessimism over the economic outlook.

The yield on the 10-year Treasury was at 0.64% after falling to 0.60% on Thursday. Yields fall when bond prices rise, and investors tend to bid up Treasurys when they’re worried about the economy.

In European trading, the CAC 40 in Paris jumped 4.2% to 4,532 while Germany’s DAX climbed 4% to 10,717. Britain’s FTSE 100 added 3.5% to 5,822.

Japan’s Nikkei 225 index jumped 3.2% to 19,897.26 as the country awaited an announcement by Prime Minister Shinzo Abe on expanding a national emergency to combat the coronavirus to the entire nation. He earlier only included Tokyo and several other worst affected areas.

Infections have continued to climb, surging past 10,000 if the number sickened on a cruise ship off the coast in February are included, and worries are growing that the nation’s health systems won’t be able to cope.

The Hang Seng in Hong Kong advanced 1.6% to 24,380.00. The Shanghai Composite index gained 0.7% to 2,838.49, while Australia’s S&P ASX 200 rose 1.3% to 5,487.50.

Source: https://www.usatoday.com/story/money/2020/04/17/dow-stocks-rise-hopes-coronavirus-progress/5151445002/

News Related

ORTHER NEWS

Trump’s ‘mission accomplished’ moment is premature and deadly. We have not defeated COVID.

Desperate for crowds and adoration, Trump has put his most fervent supporters at risk of getting a deadly disease. Future historians will be astonished. Read more »

NFLPA president JC Tretter says NFL is putting season, players at risk with its coronavirus approach

NFL Players Association president JC Tretter said Tuesday the NFL is putting the 2020 season at risk with its coronavirus approach, calling on the league to better “prioritize player safety.” “Like many other... Read more »

Brazilian President Jair Bolsonaro says he tested positive for the coronavirus

RIO DE JANEIRO (AP) — Brazil’s President Jair Bolsonaro says he has tested positive for COVID-19 after months of downplaying the virus’ severity. Bolsonaro confirmed the test results while wearing a mask and... Read more »

Venice Film Festival forges ahead amid COVID-19 pandemic with reduced lineup

The show will go on for the Venice Film Festival in September, but with a few modifications due to the COVID-19 pandemic. Organizers said Tuesday that they are pushing forward with plans for... Read more »

Amtrak offers buy-one, get-one promotion on its sleeper trains amid COVID-19 — with a catch

Amtrak wants you to have sweet dreams the next time you travel — so much so that it’s sweetening the deal on its sleeper “roomettes.” The rail service is offering a buy-one-get-one-free discount... Read more »

Florida teen treated with hydroxychloroquine at home before dying of COVID-19, report says

FORT MEYERS, Fla. – The family of a 17-year-old Florida girl who died last month from COVID-19 treated her symptoms at home for nearly a week before taking her to a hospital, a... Read more »

Mookie Betts worried MLB coronavirus testing woes could prevent him from ever playing for Dodgers

During nearly four months away from the game, Mookie Betts said he “stayed away from baseball to keep myself sane.” It’s not hard to understand why. The 2018 American League Most Valuable Player... Read more »

Tom Hanks doesn’t get ‘how common sense has somehow been put into question’ with coronavirus

Read more »

Can Gov. DeSantis force Florida schools to reopen amid the coronavirus pandemic? Some school leaders seem doubtful.

PALM BEACH, Fla. — As concern about the state order spread online, some school leaders said: Not so fast. As Florida educators puzzle over how to start the new academic year, Gov. Ron... Read more »

Texas surpasses 200,000 coronavirus cases after 4th of July holiday weekend

AUSTIN, Texas – Texas reached 200,000 total COVID-19 cases Monday, just 17 days after crossing the 100,000 threshold, a figure that took the state nearly four months to hit. The grim milestone came... Read more »