US shares see biggest weekly gain in 46 years

Washington - Wall Street's S&P 500 shares index rose 12 per cent this week.

US stocks have just recorded their biggest weekly gain since 1974 despite the bleak economic outlook due to the coronavirus pandemic, it was reported on Friday/.

Wall Street's S&P 500 shares index rose 12 per cent this week, as the US central bank announced more stimulus measures to support the economy hit by the global health crisis, the BBC reported.

On Thursday, the Federal Reserve said an additional $2.3 trillion was available to support debt markets saying it would act "forcefully, pro-actively, and aggressively" to combat an economic tidal wave.

This came after data showed US jobless claims jumped by 6.6 million, taking the three-week total to more than 16 million unemployed and seeking benefits.

The Fed's chairman Jerome Powell emphasised the central bank's measures were temporary, but that there was "no limit" to the dollar amounts it can deploy for programmes already on the books, said the BBC.

Markets were also lifted by comments from Anthony Fauci, director of the US National Institute of Allergy and Infectious Diseases, who said there may end up being fewer fatalities from the coronavirus than earlier forecast.

The US has recorded 466,299 coronavirus cases, the highest in the world, and 16,686 deaths.