Storms clouds gather over U.S. stocks as hopes of quick recovery fade
- A lightning-quick rally in U.S. equities is showing cracks, as investors face mounting evidence that the economy’s coronavirus-fueled woes may be far longer-lasting than many had anticipated.
But recent comments from top officials have undercut the case for a speedy economic recovery even as states ease lockdown restrictions, forcing investors to factor in a protracted downturn that would likely weigh on stocks while fueling flows to bonds and other safe-haven assets.benchmark stock index has edged down about 4% since late April. Equity-focused funds have seen three straight weeks of outflows totaling around $30 billion, analysts at Deutsche Bank said in a report.
Those comments came a day after the nation’s top infectious disease expert, Dr. Anthony Fauci, told Congress that U.S. states lifting sweeping lockdowns could touch off new outbreaks of COVID-19, the respiratory disease caused by the coronavirus, which has killed over 80,000 Americans.
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