Louis, a NYSE-AMEX floor trader, works in an off-site trading office built when the New York Stock Exchange closed, due to the outbreak of the coronavirus disease in New York March 26, 2020. — Reuters pic
The United States has surpassed China and Italy as the country with the most coronavirus cases. The number of US cases passed 100,000, and the death toll exceeded 1,500. In its strongest three-day performance since 1931, the Dow surged 21 per cent in three straight days through Thursday, establishing it in a bull market, according to one widely used definition. Even after yesterday's drop, the Dow ended 12.8 per cent higher, its best week since 1938.
Macroeconomic indicators offered a glimpse of the economic devastation from the crisis as the lockdown of major cities upends the lives of millions of Americans. Delta Airlines, American Airlines and United Airlines fell between 6 per cent and 11 per cent as US Treasury Secretary Steve Mnuchin said the help designated for airlines in the aid package was not a bailout and that taxpayers would need to be compensated.
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