By Rodrigo Campos
NEW YORK (Reuters) – Stocks fell 2% around the globe this week and the dollar posted its strongest weekly performance since April as concern over the economic effect of a second wave of coronavirus-related lockdowns weighed on investors’ risk appetite.
But tech stocks led the way higher on Wall Street on Friday, as they have of late on days governed by worries over the economic recovery. The gains more than offset losses in Europe and an index of major stock markets globally rose 1% on the day.
Other than COVID-19 angst, the week was dominated by speculation over the likelihood of another stimulus package to support the American economy.
“There’s evidence of a slowdown in the United States, which we think is temporary, but it would be reinforced if there is no additional fiscal package,” said Sebastien Galy, senior macro strategist at Nordea Asset Management.