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Stocks Decline; Dollar Snaps Four-Day Retreat: Markets Wrap

By BLOOMBERG NEWS - 03/30/2020

Stocks declined on Monday and U.S. equity futures slipped after a bounce in risk assets last week was buried by three days of negative news on the coronavirus. The dollar rebounded and Treasuries turned higher, while oil fell.

Drops in banking and energy shares pulled the Stoxx Europe 600 Index lower as crude slumped again, falling briefly below $20 a barrel in New York. Contracts on the S&P 500 Index fluctuated before edging down. While they've yet to hit their trading curbs as they have for the past four Mondays, headlines have been unsupportive. President Donald Trump abruptly abandoned his ambition to return life to normal in the U.S. by Easter, EasyJet Plc grounded its entire fleet and European officials warned against loosening lockdowns after the outbreak killed more than 3,000 in Spain and Italy over the weekend.

In the latest stimulus moves, China's central bank lowered short-term funding rates and injected cash into its financial system, Australia announced a job-support program and limited public gatherings to just two people, while Singapore unveiled an unprecedented easing in policy.

"The assumption that we can turn a switch in a month or two and everything is going to be okay is a faulty opinion," David Kotok, chief investment officer at Cumberland Advisors Inc, told Bloomberg TV. "We are waiting to see the closer timetable of treatment, testing, and vaccine — that's very important to us."

Read the full article at Investor's Business Daily: https://www.investors.com/news/stocks-decline-dollar-market-wrap/

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