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JPMorgan’s chief U.S. equity strategist thinks that the S&P 500 could return to record highs by early next year if the U.S. policy of efficiently containing the coronavirus outbreak works and the government rapidly moves forward with fiscal stimulus.
The crypto market played out well on March 19-20 amid the market crash, with Bitcoin (BTC) surging by almost 15% to climb back above $6,500.
The S&P 500 closed Thursday nearly 27% below its February high, meaning it took just a matter of weeks for a bear market to roll around. Microsoft fell as well. This month, MSFT is lower by 24%. But yesterday, it started gaining again.
Amazon’s business appears to be thriving these days. At the same time, hovering around $1,800 per share, Amazon (AMZN) stock is down about 17% from its recent high.
Dow Jones futures and S&P 500 futures have changed little this morning, while Nasdaq futures rose modestly after California issued a “stay-at-home” order to slow the Covid-19 spread.
More than 245,000 people have now been confirmed with the coronavirus globally, of which at least 85,000 have recovered from COVID-19, while more than 10,000 have died. Bank of America has already stated that the recession is here.
An Amazon spokesperson said online shopping has surged as coronavirus spreads, and it is out of stock on some household staples and medical supplies. AMZN stock is moving higher.
The number of coronavirus cases has reached a new sad record of 200,000. The markets react negatively. Dow Jones is falling.
Bitcoin price recovery from last week’s catastrophic drop to $3,700 is still on as it tops $5,500 before pulling back below $5,200 partially driven by a boost from the reports that Trump Administration would support a $1 trillion coronavirus package.
Dow Futures lost another 800 points. Futures contracts for the indices were in “limit down” territory, a situation where trading is halted after they have hit a 5% loss and can go no lower.