The S&P 500's four-day gain of 12% over the shortened week marked its best weekly performance since 1974. Despite the soaring unemployment claims, US stocks continued to climb on Thursday.
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"Main Street should be feeling a slight sense of relief today," Seema Shah, chief strategist at Principal Global Investors, told Business Insider."The latest measures emphasize how committed the Fed is to providing relief and economic support where they can, stretching outside the typical toolkit in order to deliver assistance."6.
"The catastrophic scale of the COVID-19 crisis is even more apparent," Ron Temple, head of US equities at Lazard Asset Management, told Business Insider."While the Fed has acted quickly, it is critical that the fiscal stimulus in the CARES Act be delivered immediately and be of sufficient size to support the economy."
Stocks gave up some gains in afternoon trading when Democrats in Congress moved to block an $250 billion in aid for small businesses. The plan had been unanimously put forward by Senate Republicans.
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