News Highlights: Top Global Markets News of the Day

Stocks Notch Big Weekly Gains

All three major U.S. stock indexes finished the week at least 3% higher, in part driven by optimism that coronavirus vaccines will be available later this year.

Corporate Bond Rally Picks Up Momentum

The debt wrapped up another strong week, reflecting investors' hopes for an economic rebound and support from the Federal Reserve.

State Jobless Rates for April Show Uneven Impact of Pandemic

The upheaval caused by the coronavirus had a devastating but uneven impact on the U.S. labor market last month, leaving more than one in five workers jobless in Nevada, Michigan and Hawaii, data showed Friday.

Argentina Defaults on Sovereign Debt

The Latin American country defaulted on sovereign debt for the ninth time in its history, as it grapples with a new cycle of economic contraction, runaway inflation and a hard-currency squeeze exacerbated by the coronavirus pandemic.

Malaria Drugs Provide No Covid-19 Help, Study Finds

The study found that chloroquine and hydroxychloroquine given to 15,000 coronavirus patients raised the risk of heart problems while not helping against Covid-19.

Oil Price Disruption Eases as Physical Crude Demand Jumps

In a sign that oil markets are returning to relative normality, the once yawning gap between the price of an actual physical barrel of oil and futures prices has narrowed sharply.

Dropping Growth Target, China Acknowledges Severity of Economic Challenges

Under leader Xi Jinping, China has established itself as an increasingly assertive global player. But even as Beijing tightens its grip on Hong Kong and steps up its rhetoric against the U.S., senior leaders bowed to the inevitable.

ECB Is Ready to Expand Stimulus Program, Minutes Show

European Central Bank officials are ready to step up bond purchases next month if they consider such a move necessary to combat the economic fallout from the coronavirus pandemic, according to the minutes of their April policy meeting.

U.S. Oil-Rig Count Falls by 21 in Latest Week -- Baker Hughes

The number of rigs drilling for oil in the U.S. fell by 21 in the latest week to 237, according to oil-field services company Baker Hughes

Rising Food Costs Push Mexican Inflation Higher in Early May

Mexican consumer prices increased more than expected in the first half of May, with food costs up sharply as the country entered its second full month of social-distancing measures and shutdowns to confront the spread of the coronavirus.

  (END) Dow Jones Newswires
  05-22-20 1915ET
  Copyright (c) 2020 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.