Vaccine hopes lift stocks as market rebounds
Wall Street rallied on optimism over a potential coronavirus vaccine and a second half U.S. economic recovery. The S&P 500 rose 3.2 percent, Dow gained 911.95 points, Nasdaq up 220.27, and Moderna jumped about 20 percent on encouraging early testing. Oil rose above $30 a barrel as demand climbs amid easing restrictions.
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April sales drop sets record across retailers
Global outbreak shocks economies with fast spread. Germany slides into recession while China shows uncertain recovery. U S retail sales plunge 16.4 percent as Plan for major retailers looms with J C Penney filing Chapter 11. Amazon augments fashion push with Vogue tied effort. Newsrooms trim staff amid ad declines.
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Slow start for 500 billion rescue fund loans
A congressional oversight panel reports the 500 billion Treasury fund to back Federal Reserve lending programs has disbursed little. Only one program began May 11 with 37.5 billion, aiding large firms, states and cities. the panel questions evaluation methods and transparency while Powell pledges disclosure of borrowers.
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