The U.S. stock market bounced-back on Friday, one-day after the worst day for stocks in nearly three months. Investors regained their composure after worries of a slow recovery and fears of a spike in new infections
- Wall Street’s main indexes rose on Friday, as bargain hunters returned after a punishing session a day earlier, but the indexes were still on track for their worst week in nearly three months on fears over new coronavirus cases and economic worries.
Traders exit the 11 Wall St. door of the New York Stock Exchange in New York City, New York, U.S., June 11, 2020. REUTERS/Brendan McDermidtumbled nearly 6% on Thursday and the three main indexes recorded their worst day since mid-March, as the Federal Reserve's indication of a long road to recovery and rising COVID-19 cases in the United States cast a pall over investor bets on a swift economic rebound.
“We have a little relief pop because maybe it was a bit overdone yesterday,” said Dennis Dick, proprietary trader at Bright Trading LLC in Las Vegas.was up 0.8% after rising as much as about 3% earlier in the session, as the benchmark index once again flirted with its 200-day moving average, a closely-watched technical indicator.
“No one really knows whether the sell off yesterday was all of it, or whether there’s more to come. You have people positioning in and out, trying to either avoid another downturn or take advantage of the fact that they maybe don’t think there will be one.”
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