[NEW YORK] Wall Street indices powered to a strong finish on Monday, with Nasdaq hitting a new record and the S&P 500 erasing its losses for the year despite the ongoing coronavirus tumult. Read more at The Business Times.
Companies hit hard by the lockdowns that sent indices tanking in March were among the big winners, with United Airlines gaining 14.8 per cent and American Airlines 9.3 per cent after both carriers said they were seeing increased demand.Nonetheless, Fawad Razaqzada, a market analyst at Thinkmarkets, said the overall mood was still positive, and"momentum in the global stock market rally is continuing to crush the bears.
The unemployment rate stands at 13.3 per cent and on Monday and non-partisan research organization the National Bureau of Economic Research said the US recession began in February. Crude futures advanced earlier, after Opec members and other key oil producers agreed Saturday to extend historic output cuts of almost 10 million barrels a day for another month through to the end of July.
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