Politics Dow posts its biggest weekly gain since April

03:21  23 may  2020
03:21  23 may  2020 Source:   cnbc.com

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  COVID-19 claims life of Lansing Correctional employee Kansas City, MO - The wife of a Lansing prison guard says she was worried her husband wouldn't survive when he tested positive for COVID-19 last month. George "Bernie" Robare, 61, died Monday. He worked as a corrections supervisor in Lansing and had more than 30 years of service with the Kansas Department of Corrections. He was a former US Marine and leukemia survivor. Robare is the first employee at the Lansing Correctional Facility to die of the virus. Three inmates have died as well. At least 88 employees and 694 inmates at the prison have tested positive for the novel coronavirus with most reporting no symptoms, according to Rebecca Witte, KDOC spokesperson.

But steep gains made earlier in the week still sent the Dow up a total of 12.8% for the week , for its best weekly gain since 1938. Thursday marked the first time the S&P 500 posted three consecutive sessions of advances since mid-February. The House of Representatives cleared the package Friday

Dow closed up 12.67% this week , for its best week since Mar 27 when the Dow gained 12.84%. Dow is still down 16.89% year to date, on pace for its That rally put the 30-stock average up more than 13% for the week , which would be its biggest weekly gain since 1938. Those gains come after the

Stocks closed little changed Friday as investors capped a strong week of gains amid optimism around a potential coronavirus vaccine and the U.S. reopening its economy.

The S&P 500 rose 0.2% to 2,955, while the Dow slipped 8 points to 24,465. The Nasdaq outperformed, rising 0.4% to 9,324.

For the week, Dow gained 3.3% to post its best weekly performance since April 9. The S&P 500 and Nasdaq also rose more than 3% this week. The Russell 2000, which tracks small-cap stocks, trounced the large-cap indexes this week with a more than 7% jump.

Covid-19: the total number of deaths up 22% since March

 Covid-19: the total number of deaths up 22% since March Compared to the number of deaths over the same period in 2019, INSEE reports an increase of 22%. © AFP / Pascal POCHARD-CASABIANCA The Parisian An excess mortality undeniably linked to the epidemic of coronavirus . According to data released this Friday by INSEE, between March 1 and May 4, France recorded an excess mortality of 22% compared to the same period of 2019. This indicator, revised weekly, is down , confirming the recession of the coronavirus epidemic, also announced the organization.

On Thursday, the Dow marked its best three-day gain since 1931, while it was the best such gain for the S&P since 1933. The week ’s sharp stock-market rebound was attributed partly to optimism over the U.S. fiscal stimulus plan in concert with aggressive monetary policy easing by the Federal

For the week , the Dow rose 2.3 percent — its biggest weekly gain since March — while the S&P 500 and Nasdaq climbed 2.4 percent and 2.7 percent. Energy stocks led the way for the major indexes this week , climbing 3.8 percent. The sector received a boost from surging oil prices, which jumped after

News about a potential vaccine from Moderna sent equities flying earlier in the week, with the Dow surging more than 900 points on Monday. Moderna said all 45 participants in its vaccine trial had developed coronavirus antibodies. Reuters reported, citing scientists leading the program, the U.S. is working on a effort involving more than 100,000 volunteers to test promising vaccine candidates.

“This week started off really strong and put us on a good trajectory,” said Matt Stucky, a portfolio manager at Northwestern Mutual. “There’s an increasing probability that something more permanent in nature is going to fix the problem, and that should be discounted in a positive way.”

On Friday, Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, told NPR that Moderna’s vaccine data looks promising. Moderna shares rose more than 2% on those comments.

Trump's firing of State Department watchdog may be 'unlawful,' Pelosi says

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The Dow posts its biggest one-day gain since April 10, when it surged 429 points. Gains in Walmart, Caterpillar, Boeing and Cisco Systems lead the Weekly jobless claims totaled 212,000 last week , slightly below than the Reuters estimate of 215,000. Meanwhile, housing starts totaled 1.168 million in

For the week , the Dow gained 5.6% for the week in its largest weekly gain since December 2011, the S&P 500 jumped 3.8% in its Markets have seen sharp moves since Trump won the presidency on Tuesday against Democratic rival Hillary Clinton, as investors tried to reposition their portfolios to his

Fauci later told CNBC’s “Halftime Report” he is enthusiastic about the economy reopening.

“We can’t stay locked down for such a considerable period of time that you might do irreparable damage and have unintended consequences, including consequences for health,” Fauci said. “It’s for that reason that the guidelines have been put forth so that the cities and states can start to reenter and reopen.”

Retailers such as TJX and Gap were among the best-performing stocks this week, bolstered by optimism over states reopening their economies. TJX rallied 13.2% for the week while Gap advanced 8%. Citigroup, JPMorgan Chase and Wells Fargo all climbed more than 3% this week.

“The future remains uncertain, and thus we are not confident in saying a second wave cannot happen -- but the good news, there has yet to be a second wave in re-opened economies,” said Tom Lee, the founder and head of research at Fundstrat Global Advisors. “We remain in the half-full camp and believe stocks offer pretty good risk/reward, even here.”

Trump Says U.S. Virus Cases Are ‘Badge of Honor’ for Testing

  Trump Says U.S. Virus Cases Are ‘Badge of Honor’ for Testing President Donald Trump said it’s “a badge to honor” that the U.S. has more than 1.5 million cases of coronavirus, saying the total is a result of the country testing millions of people for infection. © Bloomberg Donald Trump speaks following the weekly Senate Republican caucus luncheon in Washington, D.C., on May 19. “I view it as a badge of honor,” Trump told reporters during a cabinet meeting at the White House on Tuesday. “It’s a great tribute to the testing.” require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.

(Bloomberg) -- Oil headed for its biggest weekly gain since early April as flaring tension in the Middle East took precedence over an escalating trade Saudi Arabia on Thursday accused Iran of ordering a drone attack on its fuel pumping stations this week . President Trump is wary of drawing the U.S. into

For the week , the Dow advanced 2.8%, its biggest weekly gain since March. Away from international relations, investors are starting to focus on central bank meetings next week . The Federal Reserve is expected to raise interest rates while European Central Bank policy makers are expected

Enthusiasm over a coronavirus vaccine and the economy reopening was kept in check Friday, however, as tensions between China and the U.S. rose.

Overnight, China released draft legislation over new national security measures on Hong Kong after last year’s burst of anti-government protests in the city. That law is expected to increase Beijing’s hold over Hong Kong. China also opted against setting a GDP target for 2020 as the coronavirus batters the second-largest economy in the world.

That proposal was unveiled after the Senate passed a bill earlier in the week that would potentially delist Chinese stocks from U.S. exchanges.

Ed Mills, Washington policy analyst at Raymond James, said the bill is moving at “warp speed,” noting: “We believe there will be a significant push for the legislation to be taken up in the coming weeks, and we believe it is only a matter of time before this bill (or something similar) is signed into law.”

The S&P 500 ended the week about 35% above an intraday low set on March 23.

Facebook's Zuckerberg defends decision to leave up 'inflamatory' Trump posts about Minnesota protests .
President Trump's posts, which included a seeming threat of National Guard shooting citizens caught looting, were censored by Twitter. But not by Facebook.Shortly after after protesters outraged by the death of Floyd, a black man in Minnesota, torched a police building there Thursday, Trump vowed "when the looting starts, the shooting starts" in social media posts. The phrase, once used by segregationist Georgia Governor George Wallace, is seen as an approval of police violence against protesters.

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