Asian shares fall after a rally on Wall Street fizzled out, while oil prices extended gains. Benchmarks in Japan, Australia, South Korea and China fell in morning trading.
A man wearing a mask to help stop the spread of the new coronavirus walks past an electronic stock board showing Japan's Nikkei 225 and New York Dow indexes at a securities firm in Tokyo Friday, April 24, 2020. Asian shares are lower Friday after an early rally on Wall Street suddenly vanished, the latest example of how fragile the hopes underpinning the stock market’s monthlong recovery are.
Investor sentiment was back on fragility mode as focus again shifted to the economic damage the world was likely to suffer because of the pandemic, says Prakash Sakpal and Nicholas Mapa, economists at ING. The S&P 500 skidded by a third from its record in February until a month ago, and since then has roughly halved its losses on a series of tenuous hopes — of businesses reopening, of government aid to temper the economic pain and of possible treatments for COVID-19.
Gilead’s shares flipped from a 3.3% gain to a 4.3% loss after the report. It also helped topple the market. She said investors are still encouraged by signs of progress in some places that are seeing fewer new patients and deaths. Analysts said investors may have found some encouragement in a dip from the prior week’s 5.2 million or were looking past the dismal data because they fully expected it.
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