Stocks posted a second straight week and month of gains on optimism over the US and the world reopening their economies. The S&P 500 gained 3.0% and the Dow jumped 3.9% for the week. Abroad, the FTSE All World Ex US rose 4.5% for the week. The yield on the 10-year Treasury was relatively flat ending the week at 0.65%.
The EU is working on a $2 trillion coronavirus response plan that would significantly deepen the country bloc’s economic union.
New jobless claims filed last week were down to 2.1 million continuing a downward trend, but still well above levels from before the pandemic. The total number of workers receiving unemployment benefits fell for the first time since February.
US GDP was revised down to a 5% contraction in the first quarter.
Consumer spending fell a record 13.6% in April.
Consumer sentiment improved in May over April.