Dow surges 455 points as economic-reopening hope overshadows historic job losses
US stocks rose on Friday as positive signs that the economy would reopen soon overshadowed a dismal April jobs report.
The report showed that the US economy lost a record 20.5 million jobs last month. That pushed the unemployment rate to 14.7%, the highest since the Great Depression.Read more on Business InsiderUS stocks rose on Friday as investors looked past a dismal April jobs report to encouraging signs of economic reopening.lost a record 20.5 million jobs
last month amid sweeping lockdowns intended to curb the spread of the coronavirus. The unemployment rate surged to 14.7%, the highest since the Great Depression. "The market has already anticipated this historic fall in the economy by dropping dramatically in late February and most of March and likewise has already anticipated a bottom and bounce from the lows," said Chris Zaccarelli, the chief investment officer for the Independent Advisor Alliance.
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