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Here’s what the Street is saying as S&P 500 crosses bear market line in pandemic shakeout

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Here’s what the Street is saying as S&P 500 crosses bear market line in pandemic shakeout GlobeInvestor

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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