As trading ended on Thursday in Wall Street's worst day for three decades, ...
SAN FRANCISCO - As trading ended on Thursday in Wall Street’s worst day for three decades, shell-shocked investors had no idea how much further the market was likely to fall as the coronavirus pandemic spread fear of a global recession.
“This was worse than any day in 2008. It was worse than Sept. 11. I started in 1993 and this was the most panicked market I’ve ever seen,” said Christopher Stanton, chief investment officer at Sunrise Capital Partners LLC in San Diego. “People are just trading on conjectures stacked on additional conjectures.”
The velocity and depth of the drop has shocked investors accustomed to a decade of gains on Wall Street that were interrupted by only a handful of corrections. “With a recession all but guaranteed at this point and the S&P 500 entering bear market territory today, one question worth asking is, how much is priced in?,” Bespoke Investment Group wrote in a research note.
That panic spread beyond stocks, with demand for dollars via the currency derivative market surging to its highest level for years in a sign that coronavirus-induced economic stress is starting to manifest itself in a broad scramble for greenback funding. Investors are also becoming increasingly concerned that the coronavirus outbreak will hit U.S. corporate cash flow if it keeps workers at home or prevents companies from paying employees. Bond funds have taken a hit and companies including Boeing are drawing on credit lines.
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