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Stocks Extend Gains After IMF, World Bank Pledges To “Stand Ready To Help”

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US equity markets are pushing higher (Dow up over 750 points from Friday and up 1300 points from the overnight lows) after the International Monetary Fund and World Bank pledged to use “available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance” to aid member countries as they respond to the coronavirus.

IMF Managing Director Kristalina Georgieva and World Bank President David Malpass said in a joint statement Monday:

“We are engaged actively with international institutions and country authorities, with special attention to poor countries where health systems are the weakest and people are most vulnerable,” the two global institutions said.

“We will use our available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance….

Of course, this momo-driven panic-buying is modest in context of the decline, but still…

Notably, Nasdaq and S&P are about to test critical technical thresholds – Nasdaq 100DMA and S&P 200DMA…

Bonds, however, ain’t buying the bounce…

Additionally, the Washington-based institutions said strengthening country health surveillance and response systems “is crucial to contain the spread of this and any future outbreaks.”

So more ‘pandemic bonds’?