U.S.Stock Surge Despite Virus Pandemic
By Stefan J. Bos, Special Correspondent Worthy News
(Worthy News) – There were two realities in the United States Tuesday with stocks on Wall Street surging to their highest levels in two months while Main Street suffered due to the coronavirus pandemic.
Stocks rose despite U.S. officials claiming the nation’s coronavirus death toll rose to over 100,000. Skeptics questioned these statistics amid reports that hospitals may exaggerate COVID-19 numbers to receive higher Medicare payments.
Tuesday’s stock market rally also came as tens of millions of Americans searched for jobs amid coronavirus shutdowns. Wall Street applauded efforts by the U.S. administration to end the two-month lockdowns and reopen the economy despite the pandemic.
The S&P 500 closed 1.2 percent higher, and the Dow Jones Industrial Average rose some 530 points or 2.2 percent. Markets around the world also rose.
The New York Stock Exchange trading floor in lower Manhattan reopened for the first time in two months, with plexiglass barriers, masks, and a reduced number of traders to adhere to the 6-foot (1.8 meters) social-distancing rules.
Those entering the NYSE had their temperatures taken and were asked to avoid public transportation. New York Governor Andrew Cuomo, whose state claims the highest virus death toll, rang the bell to set off trading at the NYSE.
Cuomo also mentioned a one-day total Tuesday of 73 coronavirus deaths, the lowest figure given by him in months, and down from a peak of nearly 800. “In this absurd new reality, that is good news,” he told media.
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