A slate of bad news related to the coronavirus drove stocks lower on Friday.
to U.S. second-quarter GDP, following a 6% decline in the first-quarter, due to coronavirus. The bank also expects unemployment to surge to 9% and full-year GDP for 2020 to fall 3.8%.“Every day this week, the S&P 500 Index traded in a range of at least 5% , a level of volatility we’ve seen in less than 1% of days since 1990,” according to Lindsey Bell, chief investment strategist for Ally Invest.
”“Investors are exhausted trying to grapple with enormous volatility and an avalanche of news, all the while working from makeshift setups in home offices due to coronavirus prevention measures,” according to Vital Knowledge founder Adam Crisafulli. “Sentiment couldn’t be worse fundamentally, with many thinking the S&P 500 has a few hundred more points of downside before hitting a sustainable bottom.
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