All major indexes finished the day in negative territory. The Dow dropped more than 900 points, but still finished higher for the week. The S&P 500 slid 3.4% and the Nasdaq traded 3.8% lower.
The S&P 500 gained 10.3% this week for its best weekly performance since March 2009. The Nasdaq also had its biggest weekly gain in 11 years, rising 9.1%.
"We believe medium-term risks are skewed to the downside after this rally," Maneesh Deshpande, Barclays' chief U.S. equity strategist, said in a note on Friday. "Two other uncertainties facing investors remain unresolved." "Bear market 'head-fake' rallies are not uncommon," Deshpande added. The bear runs that began in 2000 and 2007 both had head, Barclays data shows. The biggest bear market head fake came during the bear market that started in 1937, when stocks rallied more than 60% before falling again.
Despite the market's weekly gains, the major averages were still more than 20% below the record highs set last month. Investors have been dumping riskier assets such as stocks amid uncertainty over the economic blow from the coronavirus. Global cases of the coronavirus have surged to more than 542,700 with at least 85,996 in the U.S., according to data from Johns Hopkins University. The U.S. has now overtaken China as the country with the most confirmed cases in the world. President Donald Trump held a phone call with Chinese leader Xi Jinping, saying the two countries are
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