HONG KONG: The best two-day advance for Asian stocks since 2008 may bring some cheer to investors eyeing their battered portfolios, but there’s a long way to go before any semblance of stability is restored.
Recent history doesn’t offer much hope. The last three surges of more than 5% in the S&P 500 Index were immediately followed by losses of similar magnitude. But news that the US has reached a deal on stimulus measures may provide more momentum for gains, and some optimism that the worst for markets may have passed.In Japan, the Topix index is still 23% away from its mid-January high.
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