Happy Cinco de Mayo everyone! It is Tuesday, May 5 and we are reading that the market has jumped on hopes of the economy reopening, the U.S. Treasury seeks to borrow a record $3 trillion this quarter and Starbucks plans to open 85% of its stores by the end of the week. We also see that the U.S. services sector posts its biggest contraction since 2009, there are new rules for post-pandemic retirement and there are some simple tips to help streamline your finances.
Stocks rose sharply on Tuesday as investors bet the U.S. economy could start to reopen again. Oil prices increased for a fifth straight day.
Massive stimulus to support the U.S. economy through the coronavirus crisis will cause the Treasury to borrow a record $3 trillion this quarter.
International coffee chain Starbucks announced Tuesday that 85% of its U.S. stores will be open by end of the week with “responsible” tactics that focus on take-out.