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U.S. Stocks Fade After Fed Announces Repo Cuts: Markets Wrap

  • Traders weigh surge in coronavirus cases; Treasuries gain
  • U.K. pound rallies, gilts decline on Javid exit; oil advances
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Virus Death Toll in Hubei Surges 242 in One Day
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U.S. equities had a turbulent Thursday, fluctuating between gains and losses on mixed news about the coronavirus outbreak, only to fade after the Federal Reserve Bank of New York said it will further shrink repurchase agreement operations.

The Fed news late in the trading day erased what had been a small gain for S&P 500 Index, which closed lower for the first time this week. The benchmark had bounced back from session lows after the World Health Organization said a surge in coronavirus diagnoses didn’t necessarily indicate a spike in infections.