Global stock markets fell sharply on Thursday as a three-month rally was jolted by the Federal Reserve’s dire assessment of US economic prospects and fresh concerns that a second wave of coronavirus infections was coming.
Shares on Wall Street and in Europe suffered their worst one-day falls since the depths of the March market crash, a day after the Fed said the world’s largest economy faced a long path to recovery from the pandemic.
The S&P 500 was down over 4 per cent at lunchtime in New York, while the tech-heavy Nasdaq Composite fell 3 per cent, retreating from its all-time high.
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