People gather at the entrance for the New York State Department of Labor offices, which are closed to the public due to the Covid-19 outbreak in the Brooklyn borough of New York March 20, 2020. ― Reuters pic
A record 22 million Americans sought unemployment benefits over the past month, with millions more filing claims last week in a stark sign of how deep the economic slump caused by the pandemic will be. The dollar hit a one-week high and US Treasury yields fell for a third session as investors fled to safe-haven assets.
“It's really about 'When we do reopen, what's that curve look like? Is it a 'V,' is it a 'U' or is it a 'W'?' Our view is that it's going to be slow recovery,” he said. On Wall Street, stocks gained. The Dow Jones Industrial Average rose 33.33 points, or 0.14 per cent, to 23,537.68. The S&P 500 gained 16.19 points, or 0.58 per cent, to 2,799.55 and the Nasdaq Composite added 139.19 points, or 1.66 per cent, to 8,532.36.Global benchmark Brent crude rose but West Texas Intermediate, the US benchmark, settled flat, with official data showing US inventories surging to the most on record.
Speculation mounted that the European Central Bank was looking to prevent further stress in the region's debt markets, where debt-to-GDP looks set to top 150 per cent this year.
Bonds default On-the-Way numerously!
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