Shares have reversed early losses in major Asian markets after the U.S. stock market plunged to its worst day in more than three decades.
BANGKOK — Shares reversed early losses in Asia on Tuesday after the U.S. stock market plunged to its worst day in more than three decades and huge swaths of many economies came to a standstill as businesses and travel shut down due to the virus outbreak.
Oil prices also rose early Tuesday, with U.S. benchmark crude up 3.7%, or $1.07 to $29.78 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, picked up 1.8%, or 53 cents, to $30.58 per barrel. The plunge came even though the Federal Reserve rushed to announce a new round of emergency actions before markets opened for trading Monday. The moves are aimed at propping up the economy and getting financial markets running smoothly again, but they may have raised fears even further. Investors are also waiting for the White House and Congress to offer more aid to an economy that’s increasingly shutting down by the hour.
Closing businesses can help slow the spread of the virus, but it also takes cash out of the pockets of companies and workers. Economists are slashing their expectations for upcoming months, and Wells Fargo Securities said Monday it now projects the U.S. economy will fall into a recession in the April-through-June quarter.
The Federal Reserve has been trying to do what it can to help the economy, and over the weekend it slashed short-term interest rates back to their record low of nearly zero.
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