Dow edges higher for third day despite loss of 20 million private sector jobs

U.S. equity benchmarks opened higher Wednesday as investors focused on the reopening of economies after the lockdowns imposed by the coronavirus pandemic, despite data showing a collapse in private-sector employment in April.

On Tuesday, the Dow DJIA, +0.36% gained 133.33 points, or 0.6%, to end at 24,883.09, the S&P 500 index SPX, +0.47% advanced 25.70 points to finish at 2,868.44, a gain of 0.9%, while the Nasdaq Composite Index COMP, +1.22% added 98.41 points, or 1.1%, to close at 8,809.12. “One thing is for sure is that this pandemic health crisis has produced depression-magnitude job losses which means this recovery is going to take longer than many are thinking,” said Chris Rupkey, chief financial economist at MUFG, in a note.

President Donald Trump, speaking during an interview with ABC’s “World News Tonight” Tuesday evening, said “it’s possible there will be some” additional deaths as dozens of states attempt to reopen their economies closed to help stem the contagion. He indicated that restarting business activity was paramount.

“We’re in a period of some very, very, very hard and difficult data that we’ve just not seen for the economy in our lifetimes, that’s for sure,” Clarida told the business network. Office Depot Inc.shares climbed 15% after the office supplies retailer’s earnings blew past estimates for the first quarter.

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