U.S. Equities staged a furious rally in the final hour of trading that cut in half a rout that reached 4% and left the S&P 500 higher after a tumultuous week dominated by fear the spreading Coronavirus will upend global growth. Treasuries surged. The S&P 500 slid 1.7% Friday and ended the week up 0.6%. Indexes were whipsawed over the past five days as the spreading virus shook investor confidence and spurred action from central banks and governments. Treasuries fell to all-time lows, with the 10-year yield dropping as far as 0.66%. The US Dollar slid for the sixth time in seven days. West Texas crude plunged 10%, the biggest drop in more than five years. A Derivatives Index that investors use to hedge against losses rose the most since at least 2011. Investors have grown increasingly anxious that the Trump administration’s preference for forgoing fiscal stimulus in favor of pressuring the Federal Reserve into more action will fall short of propping up the economy as airlines cancel routes and events get delayed around the nation. While concerted efforts from Central Banks and Governments to soften the blow from the virus spurred gains across Equity Markets earlier in the week, investors are back to taking risk off the table and piling into the world’s safest and most liquid assets. The number of Coronavirus cases globally surpassed 100,000 as more infections were reported in the Europe and Iran. Markets mostly shrugged off the latest U.S. jobs report, which showed the biggest gain in nearly two years, because it only reflected conditions before the virus outbreak began snarling global supply chains and intensified across America. Oil markets tumbled the most since the Gulf War in 1991 after the disintegration of the OPEC+ alliance triggered an all-out price-war among the world’s biggest producers. In one of the most dramatic bouts of selling ever, Brent futures sunk by 31% in a matter of seconds after the open of trading in Asia on Monday after already suffering their biggest loss since the Global Financial Crisis at the end of last week. As Brent collapsed as low as $31 a barrel, Goldman Sachs Group Inc. warned prices could drop into the $20s. Hammered by a collapse in demand due to the Coronavirus, the oil market sank deeper into chaos on the prospect of a supply free-for-all. Saudi Arabia over the weekend slashed its official prices by the most in at least 20 years and signalled to buyers it would ramp up output — an unambiguous declaration of intent to flood the market with crude. Russia said its companies were free to pump as much as they could.
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