Unemployment Surges as Nearly 3 Million Seek Benefits
The U S labor picture worsens with almost 3 million new unemployment claims and 842000 self employed and gig workers filing. Government aid remains crucial as the economy slides into a deep downturn. Federal Reserve and lawmakers debate additional rescue funds amid a fragile recovery outlook. Georgia and Florida show higher claims as reopening continues, while fear of virus dampens consumer activity and hiring. Officials stress the need for testing and health measures to support growth.
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Stocks Rally After Late Reversal on Wall Street
Wall Street recovered from a sharp morning drop led by beaten down names. The S&P 500 gained 1.2 percent to 2,852.20, Dow rose 377.37 to 23,625.34, and Nasdaq climbed 80.55 to 8,943.72 as banks led the rally with Wells Fargo up 6.8 percent and Bank of America up 4 percent amid ongoing uncertainty about the recession and US China tensions.
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