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Signs of flattening in New York trigger massive stock rally

Pressure on ventilators eases, Cuomo says, though situation is dire

Members of the National Guard exit the Jacob K. Javits Convention Center in the New York City borough of Manhattan on April 5 amid the ongoing coronavirus pandemic.

NEW YORK -- U.S. stocks surged on Monday after the governors of New York and New Jersey, two key East Coast states suffering from the coronavirus outbreak, both said they saw tentative signs of a "flattening" of the curve.

At his highly watched daily press briefing that began shortly after noon, New York Gov. Andrew Cuomo said new COVID-19 cases and deaths in his state had stayed relatively flat over the weekend, while new hospitalizations were down, signaling a potential plateauing of the outbreak in the U.S. epicenter.

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