Global stocks had one of their best weeks ever driven by new fiscal and monetary stimulus measures. The S&P 500 gained 10% and the Dow rose 13% over the week. Abroad, the FTSE All World Ex US edged up 10% for the week. Oil sank for a fifth consecutive week falling 4.9% to end at $21.51 a barrel. Investors continued to move to safe haven assets with the 10-year Treasury yield falling to 0.74%.
The Fed announced it would extend loans to businesses and purchase an unlimited amount of government debt to help support the US economy.
US manufacturing and services activity dropped at its steepest rate since October 2009 implying the US may already be in a recession.
A record 3.28 million people filed for unemployment benefits.
The coronavirus relief bill (CARES Act) was passed into law providing $2 trillion to help the economy combat the virus.