Wall Street bounces, oil slides as markets mull murky economic picture

  • Wall Street bounces back
  • Oil down for seventh straight session
  • Dollar circling nine-month high

WASHINGTON, Aug 20 (Reuters) – Stocks recovered ground on Friday amid concerns about global economic growth amid rising coronavirus cases, which continued to weigh down oil and boost safe-havens like gold.

Wall Street bounced back after bumpy trading the last several days and a sell-off in Asia, with all three major indices higher around midday.

The Dow Jones Industrial Average (.DJI) rose 0.79%, to 35,169.09, the S&P 500 (.SPX) gained 0.82% and the Nasdaq Composite (.IXIC) added 1.05%. However, U.S. stocks were still set for their worst week since mid-June as the Delta variant, and chatter at the Fed about winding down stimulus, dampening investor sentiment.

The MSCI world equity index (.MIWD00000PUS), which tracks shares in 45 nations, rose 0.43%.

“We are seeing a relief rally in European and U.S. assets today,” said Phil Guarco, global investment specialist at…

Read more…