Dow futures bounce 600 points higher as Wall Street tries to recover from its worst day since March
U.S. stock futures rebounded Friday morning after a resurgence in coronavirus cases in many states sent equity prices plunging a day earlier.
Dow Jones Industrial Average futures implied an opening gain of about 600 points. S&P 500 and Nasdaq-100 futures also pointed to a positive open.
The Dow, S&P 500 and Nasdaq on Thursday all recorded their biggest one-day losses since mid-March, posting losses of at least 5.3%. Thursday’s declines put the major averages on pace for their biggest weekly losses since March 20, when they all dropped at least 12%.
Still, Morgan Stanley Investment Management’s Andrew Slimmon said: “Given the magnitude of the rally, it would shock me if we had a one day sell-off and that’s it.”
“The stocks that are up the most from the lows are still the risk-on, high beta, value, small-cap stocks,” Slimmon, who is a managing director and senior portfolio …continued .
[Source: CNBC News]