US stocks rebound after Trump travel ban caused worst crash in 33 years
US stocks rebounded this afternoon after sinking almost 10 per cent yesterday in the aftermath of Donald Trump’s decision to ban European travel to America.
The S&P 500, which triggered an automatic 15-minute pause in trading when it sank seven per cent minutes into yesterday’s open, rose 2.96 per cent today.
And the Dow Jones climbed 2.35 per cent while the Nasdaq increased three per cent.
Traders sent US stocks bouncing back after the Federal Reserve yesterday pledged to plough up to $1.5 trillion of stimulus into the US financial system.
It marked a wave of fresh stimulus from central banks to cope with the coronavirus crisis.
Australia outlined $11bn of money it is prepared to pour into its economy, while the Bank of Japan vowed to prop up its economy.
The FTSE 100 and European stocks have also rebounded today. Though initial gains of six per cent on the FTSE 100 fell to four per cent by 2pm.
More to follow.