While the Dow shot 5.8% higher at the opening bell, having dived 10% Thursday in its worst session since 1987, in midday trading it was up just 1.6%.
Markets had pushed higher on signs that the White House and Congress are getting close to agreeing on more measures to support the US economy. "In mere weeks, the market has shifted gears from a transitory health scare to a full-blown global recession," said AxiCorp market strategist Stephen Innes. Fears that travel restrictions and business closures will further dampen energy demand have also pushed down prices.
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