Global stocks lose momentum after Wall Street’s third day in the green
S&P 500 and Dow futures dipped 1.5%. That’s after the Dow rose 6.4%, or 1,352 points, on Thursday, emerging from the bear market that began on March 11.
“Overall, there has been a general shift to neutrality from the perfect bear market conditions late last week, which is a good thing,” wrote Stephen Innes, chief global markets strategist at AxiCorp, in a research note.
Australia’s S&P/ASX 200 was a major regional outlier. The index closed down 5.3% in Sydney, though it eked out a 0.5% gain for the week.
India’s Sensex was flat after the Reserve Bank of India announced a slew of new measures to help the economy during the coronavirus crisis, and slashed interest rates.
“The market is running with the assumption that while this tumult will be the deepest recession in modern-day financial history, it will also be the shortest,” Innes wrote.
— Julia Horowitz, Vedika Sud and Swati Gupta contributed to this report.