They say Bear rallies are the fiercest
We're not in a bear market. Not, yet. But this kind of action
is highly unusual:
TOKYO (AP) — Asian markets rebounded Monday, taking their cue from Wall Street's recovery late last week after the Federal Reserve cut a key interest rate. The Tokyo benchmark index jumped 3.0 percent after ending last week with its biggest point drop in more than seven years.
Australia's benchmark had its biggest one-day gain in almost a decade Monday as the benchmark S&P/ASX 200 surged 4.6 percent, or 261.6 points, to close the day at its peak of 5,932.6 points.
Benchmarks bounced back 5.9 percent in Hong Kong, 2.3 percent in New Zealand, 5.7 percent in South Korea and 5.3 percent in Taiwan. The Shanghai Composite Index gained 5.3 percent, and Singapore's Straits Times Index gained 6.1 percent.
There were lesser gains in other bourses, but to read about jumps of up to six percent is extraordinary.