Stocks surged over the week as the US and countries around the world began to ease their restrictions on business. The S&P 500 jumped 3.2% and the Dow surged 3.3% for the week. Abroad, the FTSE All World Ex US rose 1.2% for the week. The yield on the 10-year Treasury was slightly higher ending the week at 0.66%.
Japan moved into recession in the first quarter when its GDP contracted 3.4%.
Fed chief Powell said in congressional testimony the Fed would use “its full range of tools to support the economy” and that the government needed to provide more aid. However, Treasury Secretary Mnuchin preferred a wait and see approach.
Over the past week 2.4 million more Americans filed for unemployment benefits, bringing the total from mid-March to 38 million.
China elected for the first time in 25 year to not list a GDP growth target for the current year.
Purchasing managers surveys in May showed global business activity had slower declines hinting that that the worst of the damage may be over, but there is still a long road to recovery.