North American stocks rebound on news of five-minute coronavirus test and vaccine candidate

U.S. stocks rallied as investors saw glimmers of optimism in efforts to deliver rapid testing for the new coronavirus. The dollar rose.

The S&P 500 Index climbed for the fourth time in five days, rising 17 per cent over the last week, with health-care shares among the biggest gainers. The Nasdaq 100 advanced nearly 4 per cent, leading the rebound among benchmarks from Friday’s losses. Abbott Laboratories surged after unveiling a five-minute COVID-19 test and Johnson & Johnson announced a vaccine candidate for the virus.

The S&P/TSX composite index rose 350.76 points, or 2.76 per cent, to 13,038.50.

Crude fell more than 5 per cent even after Trump spoke with Russia’s Vladimir Putin about falling oil prices. The 10-year Treasury yield rose, while the dollar was on course to snap a four-session losing streak. Gold dipped.

Investors are grappling with the reality that the world’s biggest economy will stay crippled

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Elton John’s coronavirus ‘living room’ show raises $8 million for U.S. charities By Reuters

© Reuters. FILE PHOTO: Elton John AIDS Foundation 28th Annual Academy Awards Viewing Party

LOS ANGELES (Reuters) – A weekend benefit broadcast featuring recording stars performing live music online from home raised nearly $8 million for two charities serving first responders and Americans facing economic hardship amid the coronavirus crisis, sponsors said on Monday.

The Sunday night show, hosted by Elton John from his kitchen, featured Billie Eilish, the Backstreet Boys, Lizzo, Alicia Keys, Mariah Carey, Lady Gaga and Tim McGraw – all appearing by way of smartphones, home cameras or online platforms.

The Fox broadcast network carried the hour-long show, dubbed the “iHeart Living Room Concert for America,” live without commercial interruption, drawing 8.7 million television viewers, Fox said.

The songs were interspersed with short personal stories from nurses, doctors, truckers, grocery staff, and other essential workers as millions of Americans entered a second full week subjected to stay-at-home

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Everything you need to know about furloughs—and what they mean for workers during the coronavirus pandemic

Subscribe to Outbreak, a free daily roundup of stories on the coronavirus pandemic—and its impact on global business.

Monday brought more bad news for American workers, as companies continue to lay off employees to cope with the economic damage of the coronavirus outbreak and the related lockdown.

This time, Macy’s made the biggest headlines with the news that it will be furloughing the majority of its 130,000 employees. The department store giant—which also owns and operates Bloomingdale’s and Bluemercury—said that despite continuing to sell items online, it has “lost the majority of our sales” since closing all of its stores on March 18.

Macy’s is far from alone. Gap Inc. also announced that it would be furloughing most of its retail workers in the U.S. and Canada on Monday—“pausing pay but continuing to offer applicable benefits until stores are able to reopen,” the company said in a press … Read More

Coronavirus market crash was the fastest on record: Here’s how to keep that in perspective

In bear markets, we’re overwhelmed by what we don’t know. Everything gets turned on its head. Long-held assumptions go out the window. And we’re left with a whole new set of questions.

Bob Hager, my former partner at PH&N, said, “With every bear market, there are always unknowable concerns, and every time we’re told that this bear market is different.”

In the current crisis, we’re working on two big questions that weren’t even on the radar a month ago. Namely, how long will the economic disruption go on, and what will the new normal look like after the recovery.

As we wrestle with these and other unknowables, it’s useful to lay out what we do know. As investors, we have new information and some time-tested truths to work with.

What we know this time

Markets have adjusted swiftly to the new reality. In fact, the speed of the drop was

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Japanese comedian Ken Shimura dies from coronavirus: NHK By Reuters

© Reuters. A man wearing a protective face mask walks past in front of a huge screen reporting death of Japanese comedian Ken Shimura in Osaka, western Japan


TOKYO (Reuters) – Japanese comedian Ken Shimura, who had been hospitalized after being infected with the new coronavirus, has died, public broadcaster NHK reported on Monday. He was 70.

Shimura, one of the country’s best-known comedians with a career dating back to the early 1970s, had been hospitalized in Tokyo and died on Sunday evening, NHK said.

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When will I get my stimulus check? When are SBA small business loans available? Mnuchin offers timeline on coronavirus relief measures

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