The unemployment rate and the Covid-19 case count continue to climb, but the stock market has been doing little better.
The Dow Jones Industrial Average and S&P 500 indexes were up more than 12% in the week ending April 9 (markets closed on April 10, Good Friday).
Stocks took a notable jump on Thursday (9), when the Federal Reserve announced $2.3 trillion in loans to support the economy. The rise in stocks led to a combined $51.3 billion increase to 10 billionaires since April 2.
Amancio Ortega – of Spanish fast fashion giant Inditex – was the biggest earner in dollar and percentage terms. His net worth rose by $7.2 billion to $64.8 billion as Inditex shares rallied nearly 15.5% this week (though they are still down 20.4% since the start of the year).
Many Spanish stocks are rising as the country’s Covid-19 death toll declines. The IBEX 35, the index of the largest publicly traded companies in Spain, ended the week up 7.6%. Jeff Bezos, the richest person in the world, recorded the second biggest increase.
He earned $6.8 billion so as to bring his net worth to $124.7 billion.
Despite reports that Amazon may cancel Prime Day due to the coronavirus, the company’s stock price is up 6.5% this week as local customers are still flocking to Amazon. retail giant in search of groceries and other necessities.
Luxury goods billionaire Bernard Arnault’s net worth jumped by $6.3 billion to $92 billion as shares of his LVMH rose nearly 7%.
French stocks are generally higher, with the Euronext Paris index up 10%. According to the “Financial Times”, LVMH, which owns brands such as Louis Vuitton and Dom Pérignon, has reversed its decision to use government assistance for its employees.