"Markets were celebrating the end of the pandemic. Slam. It isn't over," said David Kotok, chairman and chief investment officer at Cumberland Advisors."All policy issues, meaning monetary policy, business trajectories, GDP growth estimates, leisure and hospitality recovery, the list goes on, are on hold."
On Friday, however, technology and growth stocks that had prospered during last year's so-called stay-at-home trade soared, including Zoom Communications, Netflix, and Peloton. Friday's swings also sent the Cboe Volatility Index, known as Wall Street's fear gauge, soaring and options investors scrambling to hedge their portfolios against further market swings.
Some investors said the latest COVID-19 related weakness could be a chance to buy stocks at comparatively lower levels, expecting the market to continue rapidly recovering from dips, a pattern that has marked its march to record highs this year.
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