US stocks sank Monday, reversing Friday's gains as oil crashed to 21-year low.
, when all three major indexes gained and the S&P 500 ended the week 27% above its recent low on March 23. Stocks rose on hopes that the US economy would soon start to reopen after sweeping lockdowns to curb the spread of COVID-19.
But that stood in stark contrast to a number of negative economic indicators released last week showing the severe damages from the virus to the US economy. "Without a vaccine and proper treatment, life will not return to normal and spending behaviour will continue to adjust to this new reality," Hussein Sayed, chief market strategist at FXTM told Business Insider."Equity performance cannot diverge for a prolonged period of time from fundamentals, so if we do not see a true economic recovery in the coming months, expect another leg lower in stock markets.
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