Stocks on track for biggest drop since March on concern about economic recovery, coronavirus spikes

A stock market buoyed by state decisions to reopen economies pulled back sharply Thursday on reports of increasing COVID-19 cases and hospitalizations as restrictions have eased.

Investors also were spooked by a Federal Reserve that signaled on Wednesday it will likely keep its key interest rate near zero at least through 2022 – a positive for stocks -- but also foresees a long recovery that leaves unemployment elevated at 6.5% at the end of 2021. That's down from the current 3.5% but up sharply from a 50-year low of 3.5% in February.

At least a dozen states have reported increasing hospitalizations since Memorial Day, including several states that have been most aggressive in allowing restaurants, shops and other businesses to reopen. Thursday’s selloff also at least partly reflects profit-taking as investors who benefited from a 45% run-up in the S&P since March lock in gains, Ware says.

And yet there are morons that think Trump is the best thing ever!🤔

Don't worry Trump said it was going to be all good so lets just go with that.

Wonder if clown in chief is gonna tweet about market today

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.

Global Markets Inch Higher; Chinese Stocks Lag BehindU.S. stock futures crept higher, as did some international indexes, while weaker-than-expected inflation data put Chinese shares under pressure. Weeeeewhuaaa So much bubble hype out there! If you see the bandwagon you’ve already missed it. Fake Numbers bubble
Source: WSJ - 🏆 98. / 63 Read more »

Global stocks reel on gloomy Fed outlook and fears of a second coronavirus waveStock markets around the world retreated Thursday as fears over a second wave of coronavirus infections and a gloomy economic outlook from the U.S. Federal Reserve rattled investors. at least a narrative of pending doom. The fear mongers are out in force. go away in May is late this year. 😀
Source: CNBC - 🏆 12. / 72 Read more »

Alt lender Prospa announces solid March performance - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »