Stock market live updates: Stocks are now higher across the board, with the Dow erasing an early 700 point loss.
Brendan McDermid | Reuters10:17 am: Ray Dalio says the coronavirus will cost US corporations up to $4 trillionU.S. corporate losses will amount to $4 trillion
due to the coronavirus pandemic. Globally, the outbreak will cost corporations $12 trillion, he added. Dalio said the fiscal stimulus package should be $1.5 trillion to $2 trillion at a minimum, depending on the form of the financial relief such as loan guarantees and credits. "What's happening has not happened in our lifetime before ... What we have is a crisis," Dalio said in a
interview. "There will also be individuals who have very big losses. ... There's a need for the government to spend more money, a lot more money."Stocks are now higher across the board, with the Dow erasing an early 700 point loss. The 30-stock index is now up 178 points, for a gain of 0.9%. The S&P 500 is 1% higher, while the Nasdaq Composite is up nearly 3%.gained 1.5% as some of the biggest tech stocks rallied. Netflix has jumped 6.8%, while Facebook rose more than 5%.
Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it's already here. "We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge," Bank of America U.S. economist Michelle Meyer wrote in a note. "
." The firm expects the economy to "collapse" in the second quarter, shrinking by 12%. For 2020, the firm expects GDP to contract by 0.8%. —Stevens
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