U.S. stock benchmarks surged Friday morning, as Wall Street aimed to finish a roller-coaster week on a better note following one of the worst selloffs for the market since mid-March when the COVID-19 pandemic was at its worst.
All three indexes saw their sharpest one-day drops since March 16 on Thursday. The S&P 500 and the Dow finished at their lowest levels since May 26, while the Nasdaq ended at its lowest since May 29, according to Dow Jones Market Data. Indeed, the International Monetary Fund’s Gita Gopinath said that the global economy is recovering more slowly than expected and faces “significant scarring,” Bloomberg News reported. In a video released Friday but recorded June 4, Gopinath said the IMF will release updated growth projections on June 24 that will likely be worse than April projections for a global contraction of 3%, if the disease lingers.
Meanwhile, a report on economic growth in the U.K. showed that gross domestic product contracted by a record 20.4% in April, highlighting weakness in Europe and one of the region’s hardest hit by the epidemic. The greenback traded flat but was poised to finish down 0.2% for the week against its major rivals, as gauged by the ICE U.S. Dollar index DXY, +0.08%.
lol this market is absolutely trash...its a full gamble now
This is funny
Tell Fauci to keep his damn mouth shut today!
Where is all of your doom and gloom Stop being a sheep and scaring the shit out of people !!!! IDontBelieveTheMedia
😂
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