The Nasdaq turned positive for the year bouncing back from a drop of more than 20% in late March
Data showed millions more Americans sought unemployment benefits last week, suggesting layoffs broadened from consumer-facing industries to other segments of the economy and could remain elevated even as many parts of the country start to reopen.“The market rightly or wrongly is just much more focused on what that data looks like two months from now, not what that data looks like right now,” said Eric Freedman, chief investment officer at U.S. Bank Wealth Management.
The development of treatments for the coronavirus has been watched closely by Wall Street as key for resuming economic activity. Moderna Inc shares rose 8.7% after the company sped up plans for its experimental COVID-19 vaccine and said it expected to start a late-stage trial in early summer. Advancing issues outnumbered declining ones on the NYSE by a 2.96-to-1 ratio; on Nasdaq, a 2.33-to-1 ratio favored advancers.
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