Coronavirus News
Coronavirus Wall Street notches worst week for stocks since 2008 – Axios
Stocks fall 4% as sell-off worsensA trader on the floor of the New York Stock Exchange. Photo: Johannes Eisele/AFP via Getty ImagesStocks fell more than 4% on Thursday, extending the market’s worst week since the financial crisis in 2008 following a spike in coronavirus cases around the world.The big picture: All three indices are in…
Coronavirus
Stocks fall 4% as sell-off worsens
A trader on the floor of the New York Stock Exchange. Photo: Johannes Eisele/AFP via Getty Images
Stocks fell more than 4% on Thursday, extending the market’s worst week since the financial crisis in 2008 following a spike in coronavirus cases around the world.
The big picture: All three indices are in correction, down over 10% from recent record-highs, amid a global market rout. It’s the S&P 500’s quickest decline into correction territory in the index’s history, per Deutsche Bank.
Why the stock market keeps rising despite coronavirus fears
Illustration: Sarah Grillo/Axios
Despite growing fears about the toll of the coronavirus on global economic growth, traders still seem happy to purchase stocks on days following selloffs — frequently citing the adage that there is no alternative to U.S. stocks, as most other assets provide a negligible return.
What they’re saying: “The playbook has worked extremely well and it’s one that I’ve deployed, which is [to] rely on central bank injections because the marketplace believes that liquidity can decouple us from fundamentals for a very long time,” Mohamed El-Erian, chief economic adviser for Allianz, said during his CNBC interview.
Stocks fall more than 3% as coronavirus cases spike
Photo: Johannes Eisele/AFP via Getty Images
Wall Street had its worst day in two years on Monday, following a spike in coronavirus cases in South Korea and Italy. The S&P 500 fell 3.3%, the Nasdaq Composite fell 3.7% and the Dow Jones Industrial Average sunk 1,030 points (3.5%).
The big picture: This is the U.S. stock market’s biggest reaction thus far to the coronavirus, largely shrugging it off as a threat to the global economy (though the bond market has not). While the S&P is down from record highs — which it notched last week — the index is still above lows touched earlier this year.
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