Dow caps its worst-ever first quarter with a 400-point drop on Tuesday, hammered by the coronavirus pandemic
Tuesday’s losses cut into recent gains after the number of American coronavirus deaths surged past 3,400. A worrying increase in the number of Spanish deaths linked to the virus also weighed on the market. On Monday, both U.S. indexes closed up by more than 3%.
“The industries most vulnerable to social distancing and the collapse in global demand, such as airlines, transportation, and retail, or those heavily dependent on cross-border supply chains are likely to suffer most, both from slumping cash flows and much tighter financing conditions,” Paul Gruenwald, global chief economist for S&P Global Ratings, said in a note.
“Jobs are likely to return quickly once the economy gets going again, but we know the timing of that is uncertain,” analysts at LPL Financial said in a note. “Until then, backstops from federal programs and support for businesses to help minimize further layoffs will be essential for millions of Americans.”
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