Stimulus propels stocks to best week since 2009

U.S. stocks weathered a late-Friday plunge to post their best week in over 10 years, buoyed by an unprecedented stimulus package meant to blunt the economic impact of the coronavirus pandemic. Treasuries gained and oil slipped.

The S&P 500 Index climbed 10 per cent this week, its biggest gain since March 2009, on the strength of a record three-day rally. But that rally sputtered Friday, and the benchmark plunged just minutes before the close, illustrating how tenuous any gains can be, even with a US$2 trillion spending deal heading to the president’s desk for his signature. The S&P remains 25 per cent below its February record, and the Cboe Volatility Index is on track for a 10th straight close above 60. It averaged 18.7 in the past year. The Dow Jones Industrial Average had its best week since 1938, even as all but two of its 30 members declined Friday.

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World’s largest glove maker sees shortage as coronavirus fight spikes By Reuters

© Reuters. FILE PHOTO: An epidemiologist holds gloves while arranging the supplies of Harborview Medical Center’s home assessment team, during preparations to visit the home of a person potentially exposed to novel coronavirus at Harborview Medical Center in Se

By Liz Lee

KUALA LUMPUR (Reuters) – Malaysia’s Top Glove Corporation Bhd (KL:), which makes one in every five gloves globally, expects a product shortage as demand from Europe and the United States spikes because of the widening coronavirus outbreak is exceeding its capacity.

The company has extended shipping times to cope with the demand surge, Executive Chairman Lim Wee Chai told Reuters by phone on Friday.

Lim said orders received in the past few weeks, mainly from Europe and the United States, were almost double the company’s production capacity. Top Glove can produce 200 million natural and synthetic rubber gloves a day.

There are now more than 600,000 coronavirus cases

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Can’t afford to buy an apartment? This startup wants to sell you a share of one

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