New York, Wall Street’s main indexes fell today as the
coronavirus abruptly ended a record U.S. job growth streak of 113 months,
leaving little doubt that the economy is in a recession.
And even the loss of 701,000 jobs that Labor Department data showed for March did not completely capture the economic carnage. The survey considered data only until mid-March, before widespread U.S. lockdowns put more people out of work.
The worldwide spread of the virus has forced billions of people to stay indoors and pushed entire sectors to the brink of collapse, triggering mass layoffs and dramatic steps by companies to raise cash.
While relatively flat volatility indexes suggested that investors getting used to market swings, Mike Turvey, TD Ameritrade’s institutional senior trading strategist sees institutional investors taking a shorter term view with many still very cautious ahead of the weekend market close.
“This is not like December 2018. We’re not likely to see a V shaped recovery because we haven’t even begun to really tackle the main issue behind why this is happening. That’s still an ongoing process. It’s going to take time,” said Turvey.
Source: Saudi Press Agency