A security officer wearing a face mask walks in front of the Shanghai Stock Exchange building in Shanghai, Monday, Feb. 3, 2020. The Shanghai Composite index tumbled 8.7% Monday then rebounded slightly as Chinese regulators moved to stabilize markets reopening from a prolonged national holiday despite a rising death toll from a new virus that has spread to more than 20 countries.
China’s main stock index tumbled in its first day of trading after an extended Lunar New Year holiday break bottled up much of the pressure that had been released in other markets. The Shanghai benchmark index fell 7.7% and China’s central bank announced it was injecting $173 billion into the markets to ensure there would be enough cash.
The outbreak is threatening China’s economy as much of the nation shuts down. Many analysts have dropped their forecasts for growth in the world's second-largest economy, to near 5% from earlier forecasts of 6% for the year. With tens of millions of Chinese city dwellers ordered to mostly stay home, retailer and tourism-related businesses already are suffering.
Bond prices fell sharply, sending yields higher. The yield on the 10-year Treasury rose to 1.56% from 1.51% late Friday in another sign that investors were more confident. The rise in bond yields helped lift banks, which rely on higher yields to charge more lucrative interest rates.Investors face another busy week of corporate earnings, with 94 companies in the S&P 500 index reporting results, according to FactSet.
Trumps economy is Boooooming..... Winning
Mnuchin is pumping our borrowed tax money into the markets to prop them up before the State of the Union. When the back door government meddling stops, what goes up, will come tumbling down.
Thank you President Trump!!
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