Market breadth was once again overwhelmingly negative with 573 decliners, 23 gainers and 79 counters unchanged.
While the Fed had slashed interest rates to nearly zero to combat the Covid-19 crisis, investors wondered about the efficacy of the move and whether the central bank had spent all their ammunition. On Tuesday however, Japan's Nikkei managed to hold firm with just 0.1% lost off the index. Australia's ASX200, which led declines in the region in the previous session, managed to rebound 2.6%.
Cash is King now..or is it Gold
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