U.S. stocks rose for the third time in four days as investors looked past staggering jobless numbers when the Federal Reserve released new measures to cushion the fallout from the coronavirus. Sovereign and corporate bonds advanced.
The S&P 500 Index climbed as much as 2.3% before paring gains. That brought this week’s increase to more than 12%. The Fed announced another series of sweeping steps to provide as much as $2.3 trillion in additional aid just as data showed the number of claims for unemployment benefits surged for a third week. Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases, said U.S. fatalities from Covid-19 may be far fewer than earlier projections.