Global stock markets rebounded Tuesday from record-setting declines after President Trump said he would ask Congress for a tax cut and other measures to ease the pain of the spreading coronavirus outbreak.Oil prices also recovered some of their losses in Monday’s record-setting plunge.London opened 1.8% higher and Frankfurt advanced 1%. China’s main stock index rose 1.8% and Tokyo closed up 0.9%.On Wall Street, which suffered its biggest one-day drop Monday since the 2008 global crisis, futures for the benchmark S&P 500 index picked up 3.9% and the contract for the Dow Jones Industrial Average rose 3.8%. Advertisement Monday’s global selloff reflected alarm over economic damage from the coronavirus that emerged in China in December. Anti-disease controls that shut down Chinese factories are spreading as the United States and European countries close schools, cancel public events and impose travel controls.Anxiety mounted after Italy, the hardest-hit place in Europe, said travel controls imposed earlier on its north would be extended nationwide. Ireland canceled St. Patrick’s Day parades and Israel ordered visitors quarantined ahead of Passover and Easter, one of the busiest travel periods of the year.The mounting losses and a flight by investors into the safe haven of bonds have fueled warnings… Read full this story
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