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US stocks advance as some states reopen for business | Malay Mail

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NEW YORK, April 28 — Wall Street gained more than 1 per cent yesterday at the onset of a hectic earnings week, as investors turned a hopeful eye toward several US states that are relaxing shutdown restrictions put in place to curb the spread of the Covid-19 pandemic. All three major US stock...

Several states have begun easing stay-at-home restrictions, in efforts to revive economies and get Americans back to work following crushing job losses. — AFP pic

But some analysts believe gains may be limited unless there is progress in finding treatments for the disease. Economists expect first-quarter US GDP to have shrunk at a 4 per cent annualized rate when the Commerce Department releases its report tomorrow. All 11 major sectors of the S&P 500 closed higher, with financials, helped by rising US Treasury yields, posting the largest gains.

The US Supreme Court ruled in favour of health insurers seeking Obamacare payments from the government. The S&P 1500 Managed Care index was up 1.1 per cent.

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