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Stocks Surge After $2 Trillion Wipeout; Bonds Fall: Markets Wrap

  • Investors get some respite from worst of cross-asset selloff
  • Morgan Stanley, Goldman Sachs say recession not fully priced
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WATCH: BlackRock’s Nigel Bolton sees earnings falling up to 15% and says 3,000 on the S&P 500 is “an area where you really want to start to think about buying.”Source: Bloomberg
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US equities rebounded Tuesday after last week’s rout erased nearly $2 trillion from the S&P 500. Treasuries retreated.

The S&P 500 added 2.4%, led by energy and consumer discretionary shares, while the tech-heavy Nasdaq 100 surged 2.5% following the long weekend. Revlon Inc. gained 62% in the wake of its Chapter 11 bankruptcy filing, Kellogg Co. was up 2.0% after plans to separate into three companies, and a basket of the most-shorted stocks rose 2.7%. The drop in Treasuries took the benchmark 10-year yield back to 3.3%.