New York has been battered unlike any other U.S. city. More than 5,000 of its residents have died from the coronavirus. Ambulances race down its streets, sirens blaring, on a continuous, soul-crushing loop. On Thursday, New York reported 824 deaths in 24 hours, a terrible new record and a grim reminder that despite flattening infection curves and falling hospital admissions, the ongoing horror that’s befallen America’s largest metropolis isn’t over. Unfortunately, the same can be said for many others like it, in many other countries, as confirmed infections surpassed 1.5 million, and almost 100,000 people have died. —David E. Rovella

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Here are today’s top stories

One in ten American workers is out of a job. Some 6.6 million filed for unemployment benefits last week, taking the staggering three-week toll to 16.8 million claims. Making things worse is the fact that overwhelmed states can’t cope with the unprecedented surge, since gridlocked systems prevent many from even filing a claim. And while some consumers complain of online grocers with too few delivery slots, the less fortunate are lining up at food pantries, where the presence of National Guard members has helped keep the peace. Wall Street, meanwhile, saw one of its best weeks in decades as investors bet on the promise of trillions of taxpayer dollars.

The Trump administration’s failure to produce enough tests almost four months after the disease emerged has forced doctors to use expensive CT scans to visually detect it in patients’ lungs. The administration’s failure to supply critical medical supplies to the states has spurred governors to, once again, take matters into their own hands.

Covid-19 may be “reactivating” in people who have been cured of the illness, Korea’s Centers for Disease Control and Prevention said.And smoking may raise the risk posed by the pathogen, since the habit elevates enzymes that allow the virus to enter lung cells.

Grievous loss of life in Spain has sparked fury at Prime Minister Pedro Sanchez for a series of missteps in dealing with the coronavirus.

The Fed is buying junk bonds. The central bank pledged to support risky corners of financial markets that have been some of the hardest hit.

Saudi Arabia and Russia have agreed on the outline of a deal to cut oil production in an effort to lift the market from a pandemic-driven collapse.

Bernie Sanders has helped move the Democratic Party toward a more progressive position on health care, a stance some say has been borne out by the destruction wrought by Covid-19. Now that the Vermont senator has quit the presidential race, presumptive nominee and former Vice President Joe Biden is trying to woo his supporters.

What you’ll need to know tomorrow

This black swan hedge fund had a 3,600% return in March.
The IMF sees the worst recession since the Great Depression.
California is its own country when it comes to fighting Covid-19.
It’s getting a lot harder to ship food around the world.
A frozen U.S. housing market relies on bargains and desperation.
Hong Kong’s richest man is $3 billion richer, thanks to Zoom.
Businessweek: Shuttered colleges face an uncertain financial future.

What you’ll want to see tonight in Bloomberg Photos

American Worship in the Time of Pandemic

The number of people searching for “prayer” on Google last month was higher than at any time in the last five years. As deaths from Covid-19 mounted and places of worship closed, the intensity of searches grew right along with the fear. Now Americans who are unable to gather for services in mosques, churches, temples or synagogues are instead lining up in parking lots or looking online for hope.

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