BANGKOK : Asian shares are steady in quiet Good Friday trading after Wall Street closed out its best week in 45 years thanks to the Federal Reserve's titanic effort to support the economy through the coronavirus crisis.
The Fed’s actions completely overshadowed a government report that another 6.6 million people applied for unemployment benefits last week. Stock investors are continuously looking ahead to where the economy will be a few months or more in the future, which largely depends on the state of the coronavirus pandemic and on mass shutdowns meant to contain it.
The S&P 500 rose 39.84 points to 2,789.82. The Dow Jones Industrial Average added 1.2%, to 23,719.37, and the Nasdaq climbed 0.8% to 8,153.58. "The question is whether or not we see selling into this rebound, or can we continue to build on it.” That is far short of what would be needed to offset the steep decline in demand because of the coronavirus shutdowns, said Dave Ernsberger, global head of commodities pricing at S&P Global Platts.Oil markets were closed Friday, as Saudi state TV reported that a deal before OPEC and other oil-producing countries involves a 10 million barrel per day cut to July 1, then an 8 million barrel per day cut through the end of the year.
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