Futures trading suggested a strong opening for US markets, and that's exactly what happened. The Dow initially rose more than 1,300 points, above 6%, while the benchmark S&P 500 and Nasdaq posted similar-sized gains, reports CNBC. The surge comes one day after the stock market's worst day in 30 years. Still, volatility seems to be the word of the day. "We saw a volatility spike yesterday and it’s still quite high, driven by the selloff in equities and spreads going higher," Kevin Ferret of Société Générale tells the Wall Street Journal. "I’m not expecting it to stabilize—you have a lot of uncertainties around the impact on growth. Are we going to a global recession? It’s becoming more likely."
Earlier, markets in Europe were cheered by big announcements of financial support, particularly by Germany and France, per the AP. The EU's two biggest economies pledged hundreds of billions of dollars—and more if necessary—in guarantees to protect individuals and small businesses from the economic damage of the pandemic.
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