The remarkable stock market comeback of 2020 briefly had another notch in its belt Monday: Stocks once again turned positive for the year. But the sizable rally fizzled late in the day, and the market turned negative.
California's decision to close indoor spaces, such as bars, restaurants and movie theaters, made some investors question whether America's economic recovery was sustainable. The Dow which surged as many as 563 points, ended the day up just 11 points. The S&P 500 at one point was up 1.6% and briefly turned positive for 2020. But it sank about 0.9% by market's close. The Nasdaq swung the most -- it had been up 1.9% and closed down 2.1%.
Corporate earnings in the second quarter are almost certainly going to be the worst since the 2008 financial crisis, plummeting 45%, Wall Street analysts predict. JPMorgan Chase, Bank of America and Citigroup, which kick off earnings season this week, are all expected to reveal their second-quarter profits crashed by 50% or more.
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