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US. Financial markets seemed to rebound after heavy losses on Friday, with the Dow Jones Industrial Average rising 1,110 points, over 5%, to the opening bell.
The S&P 500 and Nasdaq rose 5% each.
By midday, profits had fallen slightly, with the Dow up 2.5% and the S&P 500 and Nasdaq each rising 2.5% and 2.2%, respectively.
Markets collapsed amid the outbreak of the Corona virus and the World Health Organization calling it an “epidemic.”
On Thursday, the Dow Jones Industrial Average lost more than 2,350 points, a drop of nearly 10%, 1,464 points, or 5.86%, as investors’ concerns pushed the index into a bear market for the first time since the 2008 financial crisis. Thursday’s losses were the worst since 1987.
Also: 10% loss of the toe after the 1987 market crash
As the markets soared this week, the Federal Reserve announced a $ 1.5 trillion plan to help stabilize the financial system, but it did little to effect Thursday.
“These changes are being made to alleviate the most extraordinary disruption in the Treasury financial markets associated with the Corona virus outbreak,” the Federal Reserve Bank of New York said in a statement Thursday.
Bankrate’s chief financial analyst, Greg McBride, told ABC News earlier in the week that “the corona virus epidemic has hit the stock market, and the US is effectively hitting the ‘pause’ button.
“Yes, there will be economic collapse, and all but one particular recession,” he said.