Stocks trade higher…European shares gain…Lands’ End sales fall
NEW YORK (AP) – Stocks are trading higher on Wall Street, despite deepening unrest across the U.S., as investors hope that the gradual lifting of lockdown provisions will help economies recover from the damage caused by the coronavirus outbreak. The S&P 500 rose 0.4% in the first hour of trading. The gains were led by stocks that would stand to benefit the most from a growing economy, including banks and industrial companies. The price of crude oil rose again, which helped energy companies. Bond yields rose slightly, another sign that pessimism was ebbing among investors.
UNDATED (AP) – In Europe, France’s CAC 40 jumped 2.1% as the country opened restaurants, cafes, parks and beaches and launched a contract tracing app to help keep tabs on new contagions. Germany’s DAX, which had been closed Monday, caught up with previous global markets’ gains and surged 3.7%. Britain’s FTSE 100 added 0.9%. Markets in Asia closed broadly higher.
UNDATED (AP) – Sales at Lands’ End fell 17.3% in the first quarter due to weakening demand caused by the virus outbreak. The retailer has taken several steps to cut costs and improve its financial flexibility, including implementing furloughs and temporarily reducing salaries for executives and corporate staff. Lands’ End said it is cutting about 10% of its corporate staff in the second quarter.
MOSCOW (AP) – Russian President Vladimir Putin has instructed his government to take quick steps to repair economic damage from the coronavirus pandemic. The country’s prime minister reported today to Putin that the Cabinet’s plan contains measures designed to stimulate economic growth, raise incomes and reduce unemployment. It envisages spending about $73 billion until December 2021. A partial economic shutdown that Putin ordered in late March to stem the country’s outbreak badly hurt an economy already battered by a sharp drop in oil prices.
SINGAPORE (AP) – Singapore has reopened 75% of its economy as part of a three-phase controlled approach to end a virus lockdown in place since early April. Finance, electronics manufacturing and logistics are among sectors that resumed operations after a two-month closure with strict safety requirements. Schools will also reopen in stages this month. But most retail shops, personal services, dining in at restaurants and social gatherings are still banned.