NEW YORK, June 21 — New York shares opened trading today on the upswing, as investors brushed off recession and pandemic fears to capitalise on low prices after last week’s dive.
About 30 minutes into the first session of the holiday-shortened week, the Dow Jones Industrial Average was up 1.7 per cent to 30,383.02. “Now, the question becomes is this another bear market rally, which means it’ll last for a little bit of time and then roll over and hit new lows, or is it the bottom, meaning a more sustained rally is going to follow.”
US Treasury Secretary Janet Yellen again tried to quell recession fears, saying on Sunday that a downturn is not “inevitable” even while the economy will slow as it “transitions to stable growth.”
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