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Stocks make modest recovery despite virus worries

European stocks made modest gains Thursday, one day after a brutal selloff, but US indices struggled on continued worries about a resurgence of coronavirus and mounting job losses in the US.

Oil also recovered some of Wednesday’s five percent tumble on increasing infections stoking demand worries, just as the latest data showed a big jump in US stockpiles for a third week.

Asia extended losses after heavy overnight falls on Wall Street, amid holiday closures in Hong Kong and Shanghai.

There were hefty losses in New York and across Europe on Wednesday on heightened fears of a second wave of the deadly COVID-19 outbreak.

“Stock markets have edged up today after Wednesday’s falls, but there is still a lingering sense of caution over the signs of rising infection rates in the US,” said Chris Beauchamp, chief market analyst at online trading firm IG.

European markets held onto their gains until

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