There was a frantic rally at the market open on Wall Street. The Dow shot up more than 1000 points boosted by hopes that the coronavirus outbreak could soon level off in the hardest hit areas
“All the market cares about right now is the virus and any positive event will see some buyers coming in,” said Dennis Dick, proprietary trader, at Bright Trading LLC in Las Vegas.
“With New York City numbers getting better on the weekend, people are happy that we may be closer to the top of the peak than we thought.” Still, U.S. officials have girded the country for a “peak death week” from the pandemic, with the death toll topping 10,000. Wall Street’s fear gauge fell to its lowest in two weeks, but analysts cautioned against calling a bottom. During the financial crisis of 2007-08, the S&P 500 took months to establish a bottom even after the volatility index plummeted.remains nearly 20% - or $6 trillion in market value - short of its all-time high in mid-February.
“It’s a big stretch to try to extrapolate a reduction in the number of cases into when we’re going to be able to get back to work,” said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.S&P 500 companies are expected to enter an earnings recession in 2020, with declines in profit in the first and second quarters, according to IBES data from Refinitiv, as demand evaporates across sectors including airlines, luxury goods and industrials.
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