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Newspaper
The Gazette
Location
Medina, Ohio, United States of America
Date
Jun 09, 2020
Page
10
Wall Street advanced as reopening optimism propelled stocks higher with the Nasdaq erasing pandemic losses to a record. The S&P 500 rose 1.2 percent to 3232.39 and Dow gained 1.7 percent as investors weighed jobs data and stalled restrictions while markets price in a faster recovery.
Ana Arroyo, 28, awaits returning to work at Merced County Community Action Agency but cannot find child care for her 6 year old son Javier. The COVID crisis devastated child care, with many providers closing or operating at reduced capacity. Experts warn lack of child care could hinder the broader reopening and recovery. More than 100,000 providers have closed, and 63 percent fear not surviving a month without customers.
The Fed expands eligible borrowers lowering minimum loan to 250000 and raising maximum to 300 million for expansions. It extends repayment to five years and waives principal payments for two years, aiming to attract a broader mix of firms and banks as the economy recovers from the pandemic. The Treasury backs the program with 75 billion for losses, and Powell calls it a key effort among nine lending programs to sustain credit.
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