NEW YORK: Wall Street shrugged off surging coronavirus cases to end a shortened trading week with gains on Thursday , fuelled by an unexpectedly healthy US jobs report that bolstered hopes the economy is recovering.
Investors were cheered by the Labor Department report showing US employers brought 4.8 million people back to work last month, which cut the unemployment rate by two points to 11.1 per cent - a better-than-expected result even if the jobless rate remains the highest in decades. "Today's report shows that conditions are improving on Main Street, not just on Wall Street," Adam Sarhan, founder of 50 Park Investments, told AFP.However, much of market gains, which are in contrast to the unsteady economy, are due to huge infusions of liquidity offered by central banks globally, including the Federal Reserve, Sarhan said.
Treasury Secretary Steven Mnuchin said on Thursday while he will not be satisfied until all the jobs lost during the pandemic are restored, he aims to have another stimulus package by the end of July.
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