BREAKING: Stocks are opening sharply lower on Wall Street, erasing 2% from major indexes, a day after surging 4% as the mood swings back to virus fear.
Trader Peter Mancuso prepares for the day's trading, on the floor of the New York Stock Exchange, Thursday, March 5, 2020. The S&P 500 sank more than 2% in early trading Thursday as the market swung back to fear about the effects of a fast-spreading virus in its latest yo-yo move. Just a day earlier, the index had soared 4.2%, in part on hopes that more aggressive moves by governments and central banks around the world could help contain the economic fallout.
Factories in China are gradually reopening, and a return to a sense of normal life may even be on the horizon following swift and severe actions by the government to corral the virus. Losses were widespread, and all but eight of the 500 companies in the S&P 500 index are down. Financial stocks had the sharpest losses, and all 11 sectors in the S&P 500 were down at least 1.6%.
Asian stock markets started Thursday off higher, riding the wave of optimism and hope that sent the U.S. market higher on Wednesday. U.S. congressional leaders reached a deal on a bipartisan $8.3 billion spending bill to battle the coronavirus outbreak, and the Bank of Canada followed up on the Federal Reserve’s surprise cut to interest rates the day before with its own.
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