The Wider World

Good jobless report spurs stocks

 

THE BULLS RAN wild Friday on Wall Street on the strength of an encouraging unemployment report (Shutterstock)

After months of gloomy tidings about the American economy, Friday finally brought some good news.

The U.S. Department of Labor reported that the national unemployment rate for May dropped to 13.3 percent, indicating that 2.5 million Americans were back at work. The previous number was 14.7 percent jobless in April.

The rebound suggests that the re-opening of businesses in most states was helping to alleviate unemployment, according to the Associated Press. Although the rate is still at Depression-era levels, the decline offers hope that the worst is over.

Friday’s good news about jobs prompted a big surge on Wall Street. The Dow Jones Average leaped up 829.16 points to 27,110.98.  The S&P 500 was up 81.58 points to 3.193.93 and the Nasdaq rose by 198.27 to 9,814.08.

Bars and more may open in California next week

Thirsty Californians may be able to get a drink in a bar next week. On Friday the state released guidelines and guidance for the reopening of day camps, bars, gyms, campgrounds, professional sports and even public schools and churches.

Here are some details from the state: https://covid19.ca.gov/industry-guidance/#top

Schools – which could open on a traditional schedule in the fall – must try to provide for the following:

  • Keep students six feet apart at all times.
  • Install portable hand-washing stations.
  • Urge students and staff to wash their hands before and after eating, coughing, sneezing, being outdoors and using the bathroom.
  • Staggering arrival times and serving meals in classrooms, or outdoors rather than in an enclosed cafeteria.
  • Frequent cleaning of often-touched surfaces such as handles, high switches, desks and chairs.

More details on instruction practices are expected next week.

Global death totals approach 400,000

The number of deaths caused by the coronavirus worldwide is at 394,787, according to the Johns Hopkins University’s daily count on Friday. The U.S. total is at 109,127. Compared to Thursday’s numbers, the world saw 5,167 new deaths and 919 in the U.S.

The number of confirmed new cases is at 6,731,770, with 1,897,239 in the U.S. The day-to-day comparison in that category shows 71,018 new cases internationally and 24,682 in the U.S.

Rain tonight (maybe), cloudy on Saturday

It rained a bit Friday morning and we may have a bit more tonight (Friday). The National Weather Service forecasts cloudy weather on Saturday, clearing in the afternoon with a high near 73. Sunday will be sunny with a high near 76, but gusty winds up to 20 miles and hour.

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