Aussie stocks rise three days running as investors pounce on cheap prices
The Aussie sharemarket has enjoyed sustained gains across a day of trade, finishing up almost 2 per cent after weeks of "bloodbath losses".
As of 4.15pm AEDT the benchmark S&P/ASX 500 was up 115 points or 2.30 per cent, buoyed by news that a staggering $3.3 trillion US stimulus package had passed the senate.
Despite the gains on the Australian market, today's coronavirus developments have been near on devastating for ordinary workers.
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The market rallied late after it was announced the US Senate had passed a $3 trillion stimulus deal. Google Finance
Virgin Australia boss Paul Scurrah says more than 1000 of the workers it has stood down this week will probably be made redundant during the coronavirus pandemic.
Virgin Australia had on Wednesday said it would suspend 8000 of its 10,000 workers as it slashed domestic flights.
Mr Scurrah on Thursday gave more detail to ABC TV and said: "This is the worst airline crisis the world has ever seen."
Billionaire retail mogul Solomon Lew has stood down 9000 staff and declared Premier Investments will not pay rent to landlords during a virus-necessitated shutdown of brands including Smiggle, Peter Alexander, Portmans, and Just Jeans.
A Peter Alexander store on NSW's Central Coast. Erina Fair
Premier on Thursday announced all its retail outlets will close for a month and all Australian employees will be stood down without pay.
It is the latest in a mounting number of retailer shutdowns as a wary public shuns the shops amid tightening government quarantine restrictions.
Trade is still permitted at discretionary retailers and shopping centres remain open for now, but more and more businesses have been forced to act as they feel the pinch.
Doors have been shut, guidance cut, and thousands of jobs slashed in an attempt to secure a long-term future.
Smiggle stores have also been forced to close their doors. AAP
Jewellery chain Lovisa and Athlete's Foot owner Accent Group on Thursday joined Mosaic Brands and Michael Hill Jewellers in temporarily shutting down Australian operations.
Hairdressers remain open, despite hair salon owners pleading with the government o shut them down in order to better access financial assistance.
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