[NEW YORK] Wall Street's three major indexes fell more than 4 per cent on Wednesday, after President Donald Trump's dire warning on the US death toll from the coronavirus sent investors running from even the most defensive equities. Read more at The Business Times.
"Because of that the bear market is going to last longer," he said."The longer people stay home the longer it takes for the economy to restart and the longer it takes for corporate earnings to come back."
Virus worries also heightened nerves over the upcoming earnings season which starts in roughly two weeks. Some companies have withdrawn their financial guidance. Consumer staples, down 1.8 per cent, fared the best of the S&P's sectors as many consumers have been stockpiling goods due to government directives to stay at home.
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