REUTERS: The S&P 500 and the Dow Jones headed lower on Monday following a strong two-week rally as oil prices crashed and investors grew cautious at the start of a week that is likely to bring more dismal quarterly earnings reports and economic data.
But the benchmark index remains about 15per cent below its all-time high and analysts have warned of a deep economic slump from the halt in business activity and millions of layoffs. Overall, analysts expect earnings for S&P 500 firms to fall 13.5per cent in the first quarter, according to IBES data from Refinitiv, while Goldman Sachs has predicted share buybacks will halve and dividends will slide 23per cent in 2020.
But his plan was thin on details and left the decision largely up to state governors. New York City Mayor Bill de Blasio said on Monday it could take weeks if not months before the country's most populous city reopens due to a lack of widespread testing.
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