Wall Street indexes gain despite massive US job losses

Wall Street’s main indexes gained on Friday as staggering job losses in April due to the coronavirus outbreak were still slightly better than feared, adding to optimism from an easing in US-China friction.

The US unemployment rate has risen to 14.7%, with 20.5 million jobs lost in April, as the coronavirus pandemic devastated the economy.

Economists polled by Reuters had forecast 22 million job losses.

Wall Street’s indexes are now on course for their first weekly gain in three weeks, with the Nasdaq recouping all its losses for 2020.

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