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set record highs last week, but on Thursday both indexes posted their biggest one-day loss since August 2011.
The steep sell-off comes as investors respond to growing concerns about the coronavirus' economic impact. Saut said he believes investors do not need to panic and urged them to use caution. He said he thought there would be 'pretty darn good support for equities" in the S&P around "2800, 2900."Saut said he thought the market was oversold and believed his long-term models would still indicate it remains a secular bull market."5G is coming and you can't put the genie back in the bottle, and the stock has been beaten up a lot," he said.
Qualcomm shares closed Thursday down 4.67% at $75.94, which is 21% off its 52-week high of $96.17. It reached that level in January.
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