Giddy US stock market belies economic gloom

New York (AFP) – Last week’s Labor Department report showing the United States lost a staggering 20.5 million jobs in April prompted a decisive response from Wall Street: Major indices surged nearly two percent.The reaction was the latest instance of the market’s buoyancy despite a barrage of bad news showing less economic activity, less consumer confidence and less business investment.The blue-chip Dow Jones Industrial Average has risen more than 30 percent since hitting a low on March 23 as officials around the United States imposed tough lockdown measures that shuttered most economic activi…

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