Monday’s gains on Wall Street were widespread and accelerated though the day. At the head of the pack were some of the stocks hardest and earliest hit by the coronavirus pandemic. “We’re in recession, it’s a long recovery from here,” says Joe Seydl, capital markets economist at J.P. Morgan Private Bank. They had tumbled earlier on worries about waves of households and businesses defaulting on their loans. The reopening of some businesses in Georgia and other states, along with a slowdown in hospitalizations in the hardest-hit state of New York, helped revive financial stocks.

Source: The Standard April 28, 2020 02:22 UTC