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Stocks ended higher on Friday as Wall Street rebounded from the previous session’s declines that came amid the surge in coronavirus cases.
The Dow Jones Industrial Average finished up 399 points, or 1.37%, at 29,479, the S&P 500 rose 1.36% and the Nasdaq gained 1.02%.
For the week, the Dow Jones Industrial Average rose 4.1% and the S&P 500 rose 2.2%. The Nasdaq Composite fell 0.6%.
Cisco Systems (CSCO) – Get the report posted higher-than-expected tax results in the first quarter, as service and security revenue offset lower sales of network equipment amid the global coronavirus pandemic.
The stock finished up 7.1% to $ 41.40 on Friday.
Walt disney (Dis) – Get the report rose more than 2.1% on Friday after the media and entertainment giant posted better-than-expected fourth-quarter results on the growth of its Disney + streaming business.
Inventories ended lower Thursday as a resurgence of the coronavirus worried Wall Street that new restrictions aimed at curbing the pandemic would halt any economic recovery.
The United States set a record high of more than 160,000 new coronavirus cases on Thursday, while covid-19 hospitalizations of more than 67,000 also set a national record.
In California, coronavirus cases have exceeded one million, according to Johns Hopkins University.
New York City Mayor Bill de Blasio could shut down the city’s education system, the country’s largest, as early as Monday.
Chicago Mayor Lori Lightfoot has issued a 30-day stay-at-home notice, urging city residents to cancel Thanksgiving plans and stay home.
Federal Reserve Chairman Jerome Powell warned at a European Central Bank forum that even though a vaccine is developed by the end of the year, the economy faces serious challenges.
Powell said that “the main risk we see” for an economic recovery “is clearly the continued spread of the disease here in the United States.”
“We have new cases at an all time high. We’ve seen a number of states start to reimpose limited activity restrictions, and people can lose confidence that it’s safe to go out, ”Powell said.
“We have said all along that the economy will not fully recover until people are convinced that it is safe to resume activities involving crowds and people.”
He also called for additional economic support from Congress.
But progress in this area has stalled, and reports said Thursday that the Trump administration had backed off talks on a back-up plan and would leave it to Congress to restart negotiations with House Speaker Nancy Pelosi.
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