US stocks slipped on Wednesday as dire quarterly reports pointed to a larger-than-expected hit to corporate profits amid the coronavirus pandemic.
through the year. The agency's projection came after OPEC agreed on Sunday to a global production cut of 9.7 million barrels per day in an effort to prop up demand., oil's international benchmark, dipped 5%, to $28.11 per barrel.
Wednesday's decline nearly placed stocks back at lows seen earlier in the week. The previous session pushed the Dow 559 points higher as signs that the coronavirus' spread was slowing drove fresh optimism. President Donald Trump on Monday indicated he'd like to open the economy"As economists and politicians begin to map what a return to economic norms would look like, banks are preparing for near-term turbulence.
"When we get to the end of the second quarter, we may have a different view of the future," Paul Donofrio, chief financial officer at Bank of America, said in an earnings call.A Wall Street strategy chief lays out 8 stock trades that can give investors an extra jolt of returns as the post-coronavirus rally enters a new phase
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