S&P 500 and Dow futures were up by more than 4% earlier in the session, but pared back gains on the news that the Trump administration isto roll out any specific economic proposals in response to the outbreak, according to CNBC.
As hopes for any immediate stimulus faded, stocks erased some of their gains: By midday, the Dow and S&P 500 were up 1.7%, while the Nasdaq rose 2%. Oil rose 6%, gaining back some of its losses after Monday’s market rout saw the biggest one-day decline in prices since the Gulf War in 1991, falling almost 25% amid a price war between Russia and Saudi Arabia.
The market suffered a historical sell-off on Monday, with the Dow and S&P 500 both plunging almost 8% for their worst day since 2008—and steep losses even triggered the market’sAs of Tuesday, the coronavirus has now spread to almost 100 different countries, infecting more than 114,500 people worldwide and killing at least 4,000, according to data compiled by Johns Hopkins University. The public health crisis has now started to hit the U.S.
on the U.S. stock market and economy in recent weeks: Investor anxiety has been growing since at least February, when fears over the coronavirus and its impact on the global economy began to peak.
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