The U.S. stock market’s gains Friday offered a soothing departure from what was a wild week, which began with Monday’s astonishing plummet for oil.
Despite Friday’s gain, the S&P 500 still lost 1.3% for the week as worries about the economic damage dealt by the coronavirus outbreak outweighed hopes that businesses could soon reopen. That snapped the first two-week winning streak for the S&P 500 since it began selling off in February.
The big question for markets is when the economy can reopen, said Mike Zigmont, head of trading and research at Harvest Volatility Management. Businesses can get by for a few months on government help, he said, but if the shutdown drags on longer than that they could be permanently damaged. “I don’t really think that’s added to the concern of investors because they assume that companies will be doing a lot of writing down in this bad year so that 2021 could look even better,” said CFRA’s Stovall.
Stocks have been generally rallying since late March on promises for massive aid from Congress and the Federal Reserve, along with more recent hopes that parts of the economy may be close to reopening. In Georgia, some businesses said Friday they’ve begun welcoming back customers after the governor eased a monthlong shutdown.
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