Unthinkable just two months ago as the world economy shut down in response to the coronavirus pandemic, the U.S. stock benchmark S&P 500 index broke through the psychologically-important 3,000 level on Tuesday, capping a 37% stock rally since its March low.
Flags hang on the outside of the New York Stock Exchange as the building opens for the first time since March while the outbreak of the coronavirus disease continues in the Manhattan borough of New York, U.S., May 26, 2020. REUTERS/Lucas Jackson
It has been fueled by extraordinary interventions by the Federal Reserve and other central banks, a $2 trillion stimulus passed by Congress, and hopes that the rapid development of a vaccine will mean that the worst of the damage from the global economic freeze has passed. The market spike has come against a devastating economic backdrop. The U.S. economy lost 20.5 million jobs in April, the most since the Great Depression. [nL1N2CP2KQ]
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