The Dow soars more than 600 points after its biggest selloff since March
Stocks were hammered on Thursday as fears about an increase in coronavirus cases and a somber economic outlook from the US Federal Reserve forced investors to confront risks that had been pushed aside during the huge market rally that has taken place since March. But fear of missing out is a powerful motivator to buy stocks, and the US market was set for a rebound.All three major stock indexes opened sharply higher on Friday, but gave up some of their gains around midday.
Coronavirus fears are backEuropean exchanges were higher for most of the session, recovering from Thursday's declines, but pared their winnings into the close.The FTSE 100 ended little changed, and Germany's DAX closed down 0.6%. France's CAC 40 finished flat.Kevin Giddis, chief fixed income strategist at Raymond James, said Thursday's sell-off was prompted by the realization among many investors that the US economy will take longer to recover from the pandemic than expected.
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