With guarded optimism surrounding the re-opening of some states, positive news regarding Gilead’s Covid-19 treatment remdisivir and the FOMC declaring the U.S. Federal Reserve would maintain its unprecented accomodative monetary policy to support the economy, the S&P 500 increased 3.6% through Wednesday. The increase came despite a larger-than-expected 4.8% decline in Q1 GDP. Thursday’s reports showing a large drop in U.S. consumer spending and intial jobbless claims of 3.84 million pushed the S&P 500 Index off its highs of the week while disappointing earnings reports from tech and oil companies and a much larger-than-expected decline in the ISM manufacturing index erased all gains on the week with the S&P 500 index dropping 2.8% on Friday. The U.S. dollar, affected by both disappointing economic reports and earnings and the FOMC’s announcement on Wednesday, weakened significantly, At week’s end the S&P 500 Index decreased 0.3% to close at 2830.71, the 10-year U.S. Treasury rate increased 1bps to 0.62% and the U.S. dollar (as measured by the DXY Index) weakened 1.7%.