· Dow climbs 477 points as stocks rebound from their worst day since March
US stocks closed higher on Friday after a volatile trading session higher Friday. The gains marked a rebound from Thursday's sharp sell-off, which saw the biggest single-day drop since mid-March.
The prior day's slide was driven by fears that a second wave of coronavirus cases could devastate the US economy. It halted a recent equity rally fueled by investor confidence in reopening progress in the US.
US indexes stood at the 4 p.m. ET market close on Friday:
Ø S&P 500: 3,041.31, up 1.3%
Ø Dow Jones industrial average: 25,605.54, up 1.9% (477 points)
Ø Nasdaq composite: 9,588.81, up 1%
The choppy session came amid continued signs of a sluggish global economic recovery. On Friday, the International Monetary Fund said that the economy was recovering from the shock of the coronavirus pandemic slower than expected and that the crisis would leave significant scars.
· Dow futures drop 300 points as Wall Street set to extend last week’s sharp losses
Stock futures fell in overnight trading on Sunday, pointing to more losses ahead, as investors grapple with signs of a second wave of coronavirus cases amid the reopening economy.
Futures on the Dow Jones Industrial Average dropped about 300 points. The S&P 500 and Nasdaq 100 futures were also down 1.3% and 1.0%, respectively.
The overnight action in futures markets followed a big pullback last week triggered by rising fears of a resurgence in the virus as well as investors’ profit-taking after the massive comeback.
The Dow and S&P 500 lost 5.5% and 4.7% last week, respectively, while the Nasdaq shed 2.3%. All three major equity benchmarks suffered their worst week since March 20.
· European stocks close slightly higher following Thursday’s sharp sell-off
European markets closed slightly higher on Friday, attempting to recover from the previous session’s sharp sell-off.
The pan-European Stoxx 600 closed 0.1% higher provisionally, with most sectors and major bourses in positive territory.
· Asia stocks slip as virus fears resurface; China’s industrial production data ahead
Stocks in Asia declined in Monday morning trade as fears resurface over the coronavirus pandemic.
In Japan, Nikkei 225 slipped 0.64% in early trade while the Topix index shed 0.33%. Over in South Korea, the Kospi dipped 0.68%.
Meanwhile, the S&P/ASX 200 in Australia slipped 0.33%.
Overall, the MSCI Asia ex-Japan index traded 0.25% lower.
Developments surrounding the coronavirus pandemic likely continued to be watched by investors on Monday.
Reference: Reuters, CNBC, Business Insider
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