New York
Global stock markets experienced exceptional volatility on Monday, but Wall Street bounced back after the G7 announced a strategy session for Tuesday to coordinate response to the coronavirus epidemic.
Equities were hammered worldwide last week, suffering the worst losses since the 2008 global financial crisis, as investors weighed the likely cost of the novel coronavirus crisis for world business. But amid signs governments were bringing out the big guns, the benchmark Dow jumped 5.1 percent or nearly 1,300 points, recovering some of the 12 percent lost last week. The recovery in the broad-based S&P 500 was just shy of that, a gain of 4.6 percent.
European markets suffered wild price swings, but strength on Wall Street helped them emerge from the red after governments and central banks said they would step in if needed to soften the blow to the economy.
The strong finish came after the US Treasury announced that Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell will lead a conference call with their G7 counterparts on how to respond to the virus.—AFP
