Wall Street volatility raises fears of another selloff

The evaporation of a rally on Wall Street in the closing minutes of Tuesday's session shows that many investors fear the U.S. stock market is in danger of a renewed tumble due to uncertainty surrounding the coronavirus pandemic.

Still, many investors remained skeptical that Wall Street's recent rise represents the start of a sustained recovery. "You're still vulnerable. Let's say the virus news turns worse. The market's not going to like it. Or the government can't get fiscal stimulus into the hands of businesses quick enough, that's going to be a problem," Wren warned.

Consumer staples has been the S&P 500's best-performing sector, down about 10per cent since Feb. 19, steadied by a 10per cent gain in bleach maker Clorox . Shares of Regeneron Pharmaceuticals and Gilead Sciences , both working on coronavirus treatment drugs, have been among the S&P 500's top performers since Feb. 19, up 25per cent and 11per cent, respectively. Citrix Systems , which sells software helping organizations work online, has surged 19per cent in that time.

Stocks of US travel companies are 40% off from their peak while US semiconductor companies shed 30% and US tech companies lost 20% of their value from their peaks. Bleak data showed other US stocks tanked when Federal's rescue efforts failed to calm COVID-19 hysteria and panic.

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