U.S. stocks posted their worst day in nearly two weeks.
“This is a highly emotional market, but we’re not seeing panic selling like we did in March,” says Luis Strohmeier, partner and wealth adviser at Octavia Wealth Advisors. “The spike in virus cases spooked people. There’s very little transparency as to when the global recession will end.”
To be sure, the market has continued to climb in recent weeks, despite bouts of volatility, even as rising coronavirus cases in the U.S. and other countries cloud hopes for an economic turnaround. The near-term outlook for financial markets depend on several variables including the spread of the virus and the development of a vaccine, analysts say.
Analysts are warning that, despite recent market rallies, there is little reassurance infections won’t keep spreading, given the growing numbers in some parts of the U.S., Brazil and Asia. Technology companies, which have been leading the market higher as it bounced back from a plunge in March, accounted for the biggest slice of the market’s pullback. Financial, health care, communication services and industrial sector stocks also took heavy losses. Energy stocks were down the most as the price of oil dropped sharply.
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