A woman a wearing protective face mask, following an outbreak of the coronavirus disease, is reflected in a screen displaying Nasdaq movements. March 16, 2020.
The gains followed another Friday session of losses after the US said employers cut 701,000 more jobs than they added last month, the first drop in nearly a decade. Investors fled the market ahead of the weekend.Reports have shown the number of people dying appears to be slowing in New York City, Spain and Italy. The news was cautiously welcomed by leaders, who also noted that any gains could easily be reversed if people did not continue to adhere to strict lockdowns.
The STOXX 600 index has lost more than $3 trillion in market value since February as the slump in economic activity brought many sectors to the verge of collapse, forcing companies to suspend dividends and share buyback to shore up cash. Hong Kong's Hang Seng rose 2.3 percent to 23,758.32. South Korea's Kospi added 3.6 percent to 1,787.02, while the S&P/ASX 200 in Sydney advanced 3.6 percent to 5,302.20. Shares also rose in Taiwan and Southeast Asia.New York's first reaction to Friday’s appalling US jobs report was to take it in stride. But Wall Street slid throughout the day as investors braced for more bad news.
The S&P 500 is down 26.5 percent since its record set in February, reflecting the growing assumption that the economy is sliding into a sudden, extremely sharp recession. But only a peak in the number of new coronavirus cases could lend some clarity on how deep and protracted the economic downturn will be.
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