Stocks rally fizzles despite new round of stimulus pledges

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Good morning. A stimulus pact in Europe, a vaccine in the labs (courtesy of Moderna) and a commitment by the Fed to do whatever it takes gave equities markets a boost in early trade, before indices started to sink.

Let’s check in on the action.

Markets update Asia The major indices are all climbing, with Japan’s Nikkei up 1.8%. China is locking down the city of Shulan (pop. 700,000) because of a new coronavirus outbreak there.The