Tech rally leads US stocks higher

NEW YORK - Led by tech giants, Wall Street stocks finished solidly higher on Wednesday as investor optimism over the reopening of the economy offset worries about the hit from coronavirus shutdowns.

The Dow Jones Industrial Average gained 1.5 per cent to 24,575.90, while the broad-based S&P 500 advanced 1.7 per cent to 2,971.61. Both Amazon and Facebook surged following new program announcements in the last day that pushed their businesses ahead at a time when many consumers are stuck at home because of the coronavirus.

After a terrible March, stocks have lately risen on hopes the US economy will quickly bottom out and rebound solidly.Policymakers worried that"even after social-distancing requirements were eased, some business models may no longer be economically viable," especially if consumers decide to"avoid participating in particular forms of economic activity," the minutes said.

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Trump to tap new company to make Covid-19 drugs in the USWASHINGTON (NYTIMES) - The Trump administration will announce Tuesday (May 19) that it has signed a US$354 million (S$502 million) four-year contract with a new company in Richmond, Virginia, to manufacture generic medicines and pharmaceutical ingredients that are needed to treat Covid-19 but are now made overseas, mostly in India and China.. Read more at straitstimes.com.
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