(CNN Business) On the same day economists declared the recession official, US stocks surged, erasing their 2020 losses. The corona-recession officially began in February , just before the US issued widespread stay-at-home orders, the National Bureau of Economic Research announced Monday. Oh, and the World Bank expects the global economy will contract 5.2% , making this the worst global recession in 80 years. Wall Street is firmly embedded in Camp Optimism: The S&P 500 ended up 1.2% Monday, erasing its losses for the year. And the Dow closed up 1.7%The S&P 500 ended up 1.2% Monday, erasing its losses for the year.

Source: CNN June 09, 2020 00:33 UTC