Equity markets rallied on Friday, hitting weekly highs, and oil prices gained as more governments around the world began gradually reopening their economies and Sino-American trade tensions eased. The optimism contrasts with the economic data. U.S. unemployment numbers showed the coronavirus pandemic cost the economy 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression. The dollar extended gains against the yen and turned higher versus the euro on Friday after the U.S. jobs data came in better than expected. “It’s a historic, tragic day for the U.S. economy but we’re still seeing markets be near their session highs because expectations are that this is going to be short-lived,” said Ed Moya, senior market analyst at OANDA. The Dow Jones Industrial Average rose 375.03 points, or 1.57%, to 24,250.92, the S&P 500 gained 42.2 points, or 1.46%, to 2,923.39 and the […]