BREAKING: Stock trading is temporarily halted on Wall Street for the fourth time this month as the S&P 500 drops 7% because of the virus outbreak.
But the number of infections keeps shooting higher, which creates more uncertainty about how badly the economy is getting hit, how much profit companies will make and how many companies may go into bankruptcy due to a cash crunch.For most people, the coronavirus causes only mild or moderate symptoms, such as fever and cough, and those with mild illness recover in about two weeks.
Wednesday’s selling swept markets around the world. Benchmark U.S. oil fell more than 18% after dropping below $22 per barrel for the first time since 2002. European stock indexes lost more than 4% following broad losses in Asia. Even prices for longer-term U.S. Treasurys, which are seen as some of the safest possible investments, fell as investors sold what they could to raise cash.
Investors are selling their highest-quality bonds to raise cash, thinking they will be the easiest to sell and will hold up the best. That’s paradoxically undercutting their prices further.“I’m calling the Citigroup dealer, who’s on his home Wi-Fi with his kid in the living room,” he said. “That causes gaps” in pricing.
But they also are still forecasting a relatively quick rebound, with activity beginning to bounce back in the second half of this year in part because of all the aid promised from central banks and governments.
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