Wall Street closed out the trading week on a high note as the Federal Reserve unleashed another program designed to buoy local governments and businesses crushed by massive closures to stem the coronavirus outbreak
The benchmark S&P 500 index posted it best weekly gain since 1974, in a holiday-shortened week, bolstered by early signs that the outbreak was hitting a peak as well as aggressive global stimulus.
The financial index was up 5.19%, providing the biggest boost to the S&P 500, as banks rose sharply on the Fed’s backstop. J.P. Morgan rose 8.97%, leading gains on the Dow. Shares of the iBoxx High Yield Corporate Bond Fund climbed 6.55%. In a sign that the disease’s curve was flattening in New York, the epicenter of the U.S. outbreak, Governor Andrew Cuomo said new hospitalizations fell to a fresh low of 200 for the criis, although deaths spiked to another new high.
FILE PHOTO: A man crosses a nearly deserted Nassau Street in front of the New York Stock Exchange in the financial district of lower Manhattan during the outbreak of the coronavirus disease in New York City, New York, U.S., April 3, 2020. REUTERS/Mike Segar
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