The recap of this week was marked by the coronavirus and its consequences in the global economy.
After one entire week of work, The US House on Friday passed the expected historic $2T coronavirus relief package. Last week there were 238,000 claims for unemployment in the US, this week the number spiked to 3.28 million when the estimate was for around 1 million. Indicates there are far more people losing their jobs than originally thought. U.S. stocks end lower Friday, after exiting a bear market on Thursday with a 21% gain for the Dow in 3 days. The index is still on track for its best week since 1938.
The Federal Reserve is hiring BlackRock the world’s largest money manager, to shepherd several debt-buying programs on its behalf as the central bank works to shore up an economy reeling from the spread of coronavirus. BlackRock will serve as an investment adviser & will manage assets for 3 separate programs, including 2 new facilities to provide liquidity to corporate borrowers, as well as purchases of agency commercial mortgage-backed securities.
Spain’s coronavirus lockdown was extended on Thursday to last until at least April 12, as Europe’s 2nd-worst-hit country after Italy, struggled to tackle a fast increase in the death toll. Spain saw its death toll exceeded China’s on Wednesday, with 738 lives lost in a single day & now surpassing 4,000.
British PM Johnson and Prince Charles tested positive for coronavirus; Precious metals prices continue to rise; Russian ruble gains strength against the US dollar; the US offers reward for Maduro and his circle; U.S. Treasury Yields at record lows Wednesday hitting negative rates for the 1st time in American history; Record collapse of the world economy in March; Tokyo Olympics postponed to 2021.