A global stock rally stumbled on Tuesday, as traders weighed signs of economic recovery against flare-ups in coronavirus cases in several parts of the world.
On Wall Street the S&P traded 0.3 per cent lower in afternoon trading, following a run of five straight days of gains that came even as the US suffered a surge in Covid-19 cases and as some parts of the country reversed their reopening plans. The Nasdaq recovered earlier losses to gain 0.1 per cent.
Hopes for a rapid recovery in Europe were dented after the European Commission slashed its growth forecasts for the region’s economy this year after noting that lockdown measures were eased more gradually than initially expected.
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