This translation has been automatically generated and has not been verified for accuracy.The S&P 500 on Wednesday was briefly down more than 20% from its Feb. 19 intraday record high, dipping under the bear market threshold after the World Health Organization classified the coronavirus outbreak as a pandemic.
The S&P firmed from its lowest level, last down 4.5% on the day, having extended losses after Reuters reported that President Donald Trump’s White House has ordered federal health officials to treat top-level coronavirus meetings as classified, which has restricted information and hampered the U.S. government’s response to the contagion, according to four administration officials.“There’s been a negative backdrop all day.
“You’ve got the virus, the collapse of energy prices earlier this week and the uncertainties over the election which has taken a back burner to the other two things. “JIM BARNES, DIRECTOR OF FIXED INCOME, BRYN MAWR TRUST, DEVON, PA.
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Stocks surge on Wall Street following worst day since 2008Stocks are surging on Wall Street following the market's worst day since the financial crisis of 2008. The Dow jumped nearly 800 points, or 3.3 per cent, making up less than half of its plunge from the day before. It's all just theatrics. The stock market has a life of its own, no one has the crystal ball for predictions. Day traders usually get burnt big time.
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