U.S. stock markets steadied on Tuesday at the end of the worst first quarter for the S&P 500 since 1938 amid growing evidence of the largescale damage caused by the collapse in oil prices and business activity due to the coronavirus.
“Stocks have been on a wild ride ... not surprisingly, investors are split on whether to lean in to or fade the current rally,” said Jonathan Golub, chief U.S. equity strategist at Credit Suisse Securities in New York.
Wall Street’s volatility index has retreated from 12-year highs, but is still at levels rarely seen since the global financial crisis as the outbreak deepens in the United States and disrupts supply chains. The declines have erased more than $5 trillion from the value of S&P 500 firms in the first quarter, and investors fear corporate defaults and more mass layoffs going in to the second quarter.
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