Dow plunges 2,000 points as falling oil prices and mounting coronavirus cases raise fears of a recession
The sharp drop in the market on Monday nearly ended the longest-ever bull market on the very day it turned 11. The bull market began on March 9, 2009, when stocks bottomed during the global financial crisis. The S&P 500 has risen more than 300% since then.
To be sure, the U.S. economy is strong. The unemployment rate is at a half-century low, consumer spending has remained robust and the housing market has firmed. Investors are looking ahead to next week’s Federal Reserve meeting for further clarity on the outlook for the economy. Fed officials surprised markets last week and cut interest rates in a rare emergency move.
"The Fed cutting rates more will help the economy in some ways, but it still won't be the only remedy to thwart people's fears," Spensieri says.
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