Wall Street shakes off dismal unemployment news, closes the week on a high.
”The massive number of suddenly unemployed and furloughed Americans speaks to the urgency of our economic predicament, and the Federal Reserve is again responding in an equally massive way," said Greg McBride, chief financial analyst for Bankrate. “Desperate times call for desperate measures and the Federal Reserve is throwing out all the stops."
The Fed said the programs would include the Payroll Protection Program and other measures, and would be geared toward businesses with up to 10,000 employees and $2.5 billion in revenues for 2019. “Our country’s highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus,” Fed Chairman Jerome Powell said in a statement.
The slew of economic news comes as the White House more closely considers the timeline for reopening the millions of stores and businesses that have been shuttered since the pandemic took hold. "It would be nice to open with a big bang,” President Donald Trump said Wednesday at a coronavirus task force news briefing, though he said he supported reopening the economy in phases, based on advice from health officials to hold off until the U.S. is"on the down side of the slope."at an emergency meeting between the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.
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