North American stocks rebound on news of five-minute coronavirus test and vaccine candidate

U.S. stocks rallied as investors saw glimmers of optimism in efforts to deliver rapid testing for the new coronavirus. The dollar rose.

The S&P 500 Index climbed for the fourth time in five days, rising 17 per cent over the last week, with health-care shares among the biggest gainers. The Nasdaq 100 advanced nearly 4 per cent, leading the rebound among benchmarks from Friday’s losses. Abbott Laboratories surged after unveiling a five-minute COVID-19 test and Johnson & Johnson announced a vaccine candidate for the virus.

The S&P/TSX composite index rose 350.76 points, or 2.76 per cent, to 13,038.50.

Crude fell more than 5 per cent even after Trump spoke with Russia’s Vladimir Putin about falling oil prices. The 10-year Treasury yield rose, while the dollar was on course to snap a four-session losing streak. Gold dipped.

Investors are grappling with the reality that the world’s biggest economy will stay crippled

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Elton John’s coronavirus ‘living room’ show raises $8 million for U.S. charities By Reuters

© Reuters. FILE PHOTO: Elton John AIDS Foundation 28th Annual Academy Awards Viewing Party

LOS ANGELES (Reuters) – A weekend benefit broadcast featuring recording stars performing live music online from home raised nearly $8 million for two charities serving first responders and Americans facing economic hardship amid the coronavirus crisis, sponsors said on Monday.

The Sunday night show, hosted by Elton John from his kitchen, featured Billie Eilish, the Backstreet Boys, Lizzo, Alicia Keys, Mariah Carey, Lady Gaga and Tim McGraw – all appearing by way of smartphones, home cameras or online platforms.

The Fox broadcast network carried the hour-long show, dubbed the “iHeart Living Room Concert for America,” live without commercial interruption, drawing 8.7 million television viewers, Fox said.

The songs were interspersed with short personal stories from nurses, doctors, truckers, grocery staff, and other essential workers as millions of Americans entered a second full week subjected to stay-at-home

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Everything you need to know about furloughs—and what they mean for workers during the coronavirus pandemic

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Monday brought more bad news for American workers, as companies continue to lay off employees to cope with the economic damage of the coronavirus outbreak and the related lockdown.

This time, Macy’s made the biggest headlines with the news that it will be furloughing the majority of its 130,000 employees. The department store giant—which also owns and operates Bloomingdale’s and Bluemercury—said that despite continuing to sell items online, it has “lost the majority of our sales” since closing all of its stores on March 18.

Macy’s is far from alone. Gap Inc. also announced that it would be furloughing most of its retail workers in the U.S. and Canada on Monday—“pausing pay but continuing to offer applicable benefits until stores are able to reopen,” the company said in a press … Read More