Stocks Rebound Amid Coronavirus Outbreaks In Beijing And U.S

Stocks Rebound Amid Coronavirus Outbreaks In Beijing And U.S

The broad-based S&P 500 shed 2.2 percent to 2,975.69, while the tech-rich Nasdaq Composite Index fell 1.6 percent to 9,437.49.

Results from a UK-led trial showed giving low doses of the generic steroid drug dexamethasone to patients admitted to hospital with COVID-19 reduced death rates by around a third among those with the most severe cases of infection.

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"A potential COVID-19 steroid treatment in the United Kingdom combined with record retail sales and news of additional stimulus has been met with unbridled optimism".

USA stocks opened sharply lower on Monday, extending previous week's steep losses.

Bloomberg reported citing sources faimiliar with the plan that the majority of the mony of the Trump administration's infrastructure proposal would see funds reserved for 5G wireless infrastructure and rural broadband.

Beginning Tuesday, investors will focus on Fed Chair Jerome Powell's two-day congressional testimony on the monetary policy report.

Weaker than expected retail and industrial production data out of China and news of a spate of new Covid-19 cases in a major wholesale food market in Beijing was also weighing on sentiment.

The S&P 500 Banking index rose 1.6 per cent on Monday.

"People are fearful about new cases rising, but at some point when you move 45% off the lows in such a short period of time, any excuse will do to have a nice consolidation of the gains", said Thomas Hayes, managing member at Great Hill Capital Llc in NY. The S&P 500 and Nasdaq 100 futures also dipped 1.9 and 1.6 percent, respectively.

Shares from economically-sensitive industrial, financial and energy sectors climbed in premarket trading. Other gainers were JPMorgan Chase, Citigroup, Wells Fargo and Bank of America, which rose by at least 0.8%. Only the headline has been changed.

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