Last year was a bumper year for stocks, with all 17 top global indexes polled by Reuters ending the year higher than where they started. Only one did not rise by a double-digit percentage.
The MSCI Emerging Markets Index .MSCIEF, which measures stock performance, has rebounded 4% from its early February low, though it remains down on the year. Another index measuring emerging markets currency performance .MIEM00000CUS was still sharply lower, reflecting the slide in a range of currencies from Asia to Latin America.
But a CNBC report that the Trump administration could introduce a tax incentive for people earning less than $200,000 to invest up to $10,000 in U.S. stocks gave the markets a late boost.
FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton/File Photo
FILE PHOTO: A man wears a mask in Chinatown in New York, U.S., February 13, 2020. REUTERS/Yana Paskova
The number of new coronavirus cases dropped for a second straight day in China.
Virgin Galactic jumped 23% during Wednesday’s session, adding to a rally that has seen the money-losing company surge over 400% since early December. After hours, it added another 5%.
But indexes ended off the day’s lows and the Nasdaq ended a touch higher as Apple Inc (AAPL.O) trimmed its losses in late-session trading.
However, several Wall Street brokerages dubbed Apple’s update forecast as a “near-term headwind,” saying the company is performing strongly outside China and the launch of 5G phones later this year would further boost sales.
March 11, 2000 marked the beginning of a crash of overly-inflated stocks that would last over two years, lead to the failure of investor favorites including Worldcom and Pets.com and take over 13 years for Wall Street to recover from.
FILE PHOTO: Sir Richard Branson poses on floor of New York Stock Exchange (NYSE) with Future Virgin Galactic space traveller Jennifer Rallison from Canada as Virgin Galactic (SPCE) began public trading in New York, U.S., October 28, 2019. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 19, 2020. REUTERS/Brendan McDermid