Global stocks steady after record-setting plunge
Global stock markets showed a marked recovery Tuesday from record-setting declines after President Trump said he would ask Congress for a tax cut and other measures to ease the pain of the spreading coronavirus outbreak.European indexes, many of which suffered their biggest one-day drop Monday since the 2008 global crisis and fell into a bear market, were up by more than 3%. China’s main stock index closed 1.8% higher and Tokyo rose 0.9%.
The mounting losses and a flight by investors into the safe haven of bonds have fueled warnings the global economy, which already was showing signs of cooling, might be headed into a recession. The Shanghai Composite Index rose 1.8% to 2,996.76 and the Nikkei 225 in Tokyo advanced 0.9% to 19,867.12. Hong Kong’s Hang Seng climbed 1.4% to 25,392.51.Benchmark U.S. crude jumped 8.5%, or $2.65 to $33.78 per barrel in electronic trading on the New York Mercantile Exchange. It lost 25% on Monday after Saudi Arabia and Russia engaged in a price war in the oil market. The Saudis confirmed Tuesday that they will increase production to record levels.
While the virus outbreak is easing in China, where the virus was first detected, fast-growing clusters have turned up in South Korea, Japan, Iran and Italy, and the caseload is growing in the United States.For most people, the coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.
The S&P 500 has fallen 18.9% from its Feb. 19 record and has lost $5.3 trillion in value. U.S. stocks are close to entering a bear market, defined as a drop of 20% from their peak.
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