Despite staggering jobless numbers, stocks gain as Fed steps up help
Wall Street closed out its best week in 45 years Thursday after the Federal Reserve launched its latest titanic effort to support the economy through the coronavirus outbreak.
In the last few weeks, investors have sent the market back up more than 20% after promises of massive aid from the Fed, other central banks and governments around the world, even as evidence piles up that the recession fears were prescient. This week, some investors have begun to look ahead to the economy possibly reopening amid signs the outbreak may be peaking or plateauing in several of the world’s hardest-hit areas.
The market’s big gains this week have been somewhat tentative. On Tuesday, the S&P 500 charged to an early 3.5% gain before it disappeared in the final minutes of trading. On Thursday, the index nearly gave up all of an early 2.5% gain, paring it down to 0.5% before climbing again in the last hour of trading.The afternoon’s fade also coincided with another abrupt downdraft in the price of oil. Benchmark U.S. crude oil fell $2.33, or 9.3%, to $22.
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