Global Daily: Flash rally

If there exists something like a flash crash, then should we call yesterday’s move a flash rally? About an hour after the opening bell, in a matter of seven minutes, the S&P 500 jumped from a 2.3% loss on the day to a 3% gain. Bloomberg calculated that the rumour that Trump was considering to delay his country-specific tariffs by 90 days added $2.5 trillion back to equity valuations, but most of those gains were quickly lost again when the president denied the story as being “fake news.”