- Dow Jones futures rallied by as much as 224 points Wednesday night after the blue-chip index crashed nearly 1,000 points in New York trading.
- Markets remain extremely volatile over fears that the world economy was headed for a protracted recession.
- Meanwhile, China’s Communist Party is trying to recast itself as a global savior in the pandemic — and is blaming the United States for its lackadaisical response.
Futures on the Dow and broader U.S. stock market rallied Wednesday night, shaking off a brutal start to the second quarter that was tied to fears of protracted recession in the world economy.
Though the after-hours rally was largely one of relief, it came amid reports that China’s Communist Party was trying to rewrite the narrative on the coronavirus pandemic. Early evidence suggests it may be succeeding.
Dow Recovers After Volatile Session
Futures on all three major U.S. indexes traded higher Wednesday night. The Dow Jones mini futures contract rallied by as much as 224 points, reaching a high of 20,964.00. The contract was last seen trading 142 points higher.
S&P 500 futures climbed 0.6%. Nasdaq 100 mini futures contracts also rose 0.6%.
The indexes each fell 4.4% on Wednesday, as the threat of recession continued to hang over the U.S. and global economies.
China as Global Savior?
After failing to contain the coronavirus outbreak, China’s Communist Party is now trying to recast itself in the role of global savior.
In a story published by The Wall Street Journal, authors Philip Wen and Drew Hinshaw highlight China’s attempt to rewrite the narrative.
Just last week, Chinese President Xi Jinping told other leaders at the Group of 20 summit that his country was ready and willing to supply others with virus-fighting supplies.
As the Journal highlighted, Hungary has already received a shipment of three million face masks, 100,000 test kits and 86 ventilators from…