“We are going to have bankruptcies, and bankruptcies unfortunately destroy the capital structure completely,” Allianz’s Mohamed El-Erian said this morning. “It is a very selective game right now, rather than calling the all clear and going in for indices.”
Stocks traded higher on Monday, building off of last week's historic rally, where the Dow Jones Industrial Average and S&P 500 post their best 3-day win streaks since the 1930s. Sentiment was helped after President Donald Trump said national social distancing guidelines have been extended to April 30 and by optimism around a coronavirus treatment.4:22 pm: Monday's rally by the numbersThis month: the Dow is down 12.2%, on pace for its worst month since Oct 2008 when the Dow lost 14.
This quarter, the S&P 500 is down 18.7%, on pace for its worst quarter since the fourth quarter of 2008 when the S&P 500 lost 22.56% and its worst first quarter since 1938 when the S&P lost 19.43%This month: Nasdaq is down 9.43%, for its worst month since Dec 2018 when the Nasdaq lost 9.48%4:01 pm: Stocks close near session highs, Dow up 600 points
. A 6% drop in Boeing shares capped the gains in the 30-stock average.The S&P 500 rose 3.35% and the Nasdaq rose 3.62%. —With about one hour left in the trading session, the major averages were headed for strong gains as they built on last week's rally. The Dow was up more than 500 points, or 2.5%. The S&P 500 and Nasdaq were up 2.9% and 3.1%, respectively. Stocks rose after President Donald Trump extended national social distancing guidelines to April 30.
Despite WTI's 55% slide this month, some analysts think there could be even more downside ahead. Raymond James analyst John Freeman said on Monday that a "nightmarish scenario" has been created and crude could "test the $10/bbl threshold.
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