Here’s your weekly update covering the biggest stories in the business world, all in a 5 minute read.
- Stocks rallied on Friday after an unexpected surge in U.S. jobs raised hope that the economy is starting to recover from the coronavirus pandemic.
- The Federal Reserve’s March 23 assurance that it would make borrowing easier for American corporations has juiced the corporate-bond market, but companies continue to cut thousands of jobs even after borrowing billions.
- U.K.’s biggest drugmaker AstraZeneca has made a preliminary approach to rival drugmaker Gilead Sciences about a potential merger. Gilead’s Remdesivir and AstraZeneca’s cancer drug Calquence have shown early promise for patients with Covid-19.
- U.S. employers added 2.5 million jobs in May and the unemployment rate dropped from 14.7% to 13.3% in May. Economists had their biggest miss ever, as they had estimated a loss of 7.5 million jobs and an unemployment rate of 20%.
- A stealthy slide by the U.S. dollar should get some of the credit for the stock market’s stunning rally.
- The coronavirus pandemic pushed Australia’s economy into recession for the first time in 29 years in the first quarter of the year, and the situation is expected to get worse.
- Gambling is not a retirement plan. But what are the odds that anyone has ever read the prospectus for a leveraged exchange-traded note?
- Advice about working from home has been plentiful lately. But let’s make one thing clear: At this moment, you are not just “working from home.” You are “at your home, during a crisis, trying to work.”
- Exuberance in American stocks is spurring speculators to unleash bullish bets in the options market at a rate unseen in almost a decade. Meanwhile, Boston’s GMO slashed its stock exposure from 55% to 25% in its flagship strategy.