made its official entrance into a bear market on Wednesday after the World Health Organization declared the novel coronavirus a global pandemic and aggravated investor anxiety that the disease would undermine economic growth.
The blue-chip index on Wednesday closed more than 20% below the record close that it notched less than one month ago on Feb. 12. The S&P 500, the more widely tracked index among investors, managed to hover just above bear market territory by the close of trade, but remained more than 19% below its own all-time high.
But amid the Wall Street bloodbath, Goldman Sachs took some relief in the fact that the current market rout appears event-driven, or triggered by a specific catalyst. David Kostin, Goldman's chief U.S. equity strategist, wrote in a note to clients that when specific events spark bear markets, stocks' recovery tends to be stronger than it otherwise would be. That could bode well for investors if the new coronavirus proves to the main reason behind the sell-off and only hurts economic growth for a few months.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Pro Invest in tickers 'SDS' and 'SH' they are inverted to the stock market
Pro Such a cute little bear 🐻
Pro S&P to between 2,050 and 2,150
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks Surge on New Virus Measures; Dow Up 1,985 PointsStocks surged, recouping much of a historic plunge, after President Donald Trump announced new measures to fight the coronavirus Friday The surge is not even close to recouping the historic plunge. Not even close. This is great!!!! Let's see if it can sustain itself next week. Success will be measured in two weeks.
Source: THR - 🏆 411. / 53 Read more »
Yes, there’s a pandemic and the market is falling. Do this instead of checking your 401(k)Stock market volatility can be normal, but it’s also unnerving — and for some investors, it’s just impossible to stomach. The Dow Jones Industrial Average,... Really? How many pandemics has this OpEd writer lived through in order to synthesize this advice? Guaranteed is guaranteed, and people who sealed it at the top a couple weeks back have saved many thousands of dollars so far. It can be changed back when the signs of lasting recovery are there (very simply), it takes 20 minutes online. This is propaganda.
Source: MarketWatch - 🏆 3. / 97 Read more »
Not every bear market is accompanied by an economic recession, but chances are high'Now the good news is not all bear markets occur in recessions,' a strategist said. Dear Mr. POTUS that is realDonaldTrump - you know FEAR IS A MOTHER FUCKER & its being CREATED by OUR ARCH ENEMY FakeNews ALTHOUGH coronovarius is REAL so is the FEAR - if PPL thought you were just 'idle' they are NUTS thanks Walmart cvspharmacy Walgreens we SHALL PREVAIL its going much lower still
Source: CNBC - 🏆 12. / 72 Read more »