By Yasin Ebrahim
Investing.com – Wall Street ended Friday on the front end, concluding a second consecutive weekly gain for the first time since February amid signs of light at the end of the Covid-19 tunnel.
The 2.99% gain, or 705 points, posted its first two-week gain since February 9. The increase of 2.68% and the increase of 1.38%.
Unveiling guidelines to revive the economy in three phases, President Donald Trump has declared that the opening of America is the next phase of the battle against the new coronavirus, which has infected nearly 700,000 and killed around 36 000 nationwide.
Up to 29 states could “open their doors fairly quickly,” said Trump.
Against the backdrop of expectations to open the economy as soon as possible, Texas Governor Greg Abbott said he believed all stores in Texas should be able to operate starting Friday, April 24.
In New York City, the epicenter of the epidemic, Governor Andrew Cuomo seems keen to turn the economic wheel again, but expressed caution and suggested that a phased reopening may be the best way to go.
“This is going to be progressive, and we have to be smart about it,” said Cuomo as the rate of Covid-19 hospitalizations across the state continued to drop.
“The situation we are in now is unstable. People cannot stay at home during this time. They cannot remain without work. You cannot keep the economy closed forever. You just can’t “Society can’t handle it,” he added.
Hopes for an economic recovery have received a much-needed boost as remeadivir, an experimental drug from Gilead Sciences (NASDAQ :), has triggered “quick cures” in patients with coronavirus, according to researchers at ‘University of Chicago Medicine.
Energy stocks supported the general recovery in the market, even as oil prices fell close to a 19-year low against a backdrop of growing fears of oversupply following demand for coronavirus.
Financials ended the day strong, led by a rally by Citizens Financial (NYSE :), up 15%, and Fifth Third Bancorp (NASDAQ ? up 12.5%. But the sector ended the week into negative territory after heavy losses earlier this week in the wake of dismal profits from major Wall Street banks.
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