Singapore's GDP contracted by 42.9% in the second quarter of 2020
compared to the previous quarter. That sent the Southeast Asian country into a technical recession as large parts of the economy were shut down in early April to slow the spread of coronavirus. The session in Asia followed Monday gains on Wall Street where the 30-stock Dow Jones Industrial Average rose about 350 points in regular trading, posting its seventh positive session in a row — its longest winning streak since September 2019. The S&P 500 gained 0.2%, sitting just 0.9% below its record high set in February. Meanwhile, the Nasdaq underperformed with a 0.4% loss as investors rotated out of some of the high-fliers.
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