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Stocks Rebound as Dip-Buying Offsets Virus Concern: Markets Wrap

  • Airlines and cruise operators lead gains in U.S. equities
  • CDC warns local lockdowns may be needed again if virus surges
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WATCH: JPMorgan says Thursday’s slump in equities was a pause rather than the reversal of a trend.Source: Bloomberg
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U.S. stocks rebounded from the biggest rout in 12 weeks as dip-buyers emerged for companies that bore the brunt of Thursday’s selling. Treasuries fell, while the dollar rose.

Real-estate, financial and energy companies led gains in the S&P 500. Cruise operators and airlines that were among the hardest-hit during the rout soared. Earlier Friday, the gauge fell as the World Health Organization said the risk of a second wave of coronavirus is present for any country exiting lockdowns. States and cities might have to resume shutdowns if cases surge dramatically, top officials at the U.S. Centers for Disease Control and Prevention said.