Another big central bank made an emergency cut to interest rates in hopes of blunting the economic pain caused by COVID-19, which economists call the global economy's biggest threat. But investors are still waiting for details promised by President Donald Trump on potential aid for the economy through tax breaks and other relief.
For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. That's why many analysts say markets will continue to swing sharply until the number of new infections stops accelerating. In the United States, the number of cases has topped 1,000.
Italy's government announced $28 billion in financial support for health care, the labour market and families and businesses that face a cash crunch due to the country's nationwide lock down on travel. "Investors are still worried that those fiscal stimulus packages may not be able to contain the virus outbreak as well as to mitigate the impact on the economy," said Louis Wong of Philip Capital Management.
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Stocks surge on Wall Street following worst day since 2008Stocks are surging on Wall Street following the market's worst day since the financial crisis of 2008. The Dow jumped nearly 800 points, or 3.3 per cent, making up less than half of its plunge from the day before. It's all just theatrics. The stock market has a life of its own, no one has the crystal ball for predictions. Day traders usually get burnt big time.
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