U.S. markets drop into correction territory, extending brutal week of losses

Author: , Post Date: February 27, 2020
image_pdfimage_print

U.S. markets drop into correction territory, extending brutal week of losses

Traditional methods for arresting an investor panic might be no match for fallout from global pandemic

By David J. Lynch, Rachel Siegel and Thomas Heath – Feb 27

Excerpt below…

Cumberland-Advisors-David-Kotok-In-The-News

The Dow Jones industrial average plunged nearly 1,200 points on Thursday, capping its worst four days since the 2008 financial crisis, amid investors’ fears that global efforts to contain the spread of the coronavirus were failing.

The Dow closed at 25,766.64 on Thursday, down 4.4 percent. The Standard & Poor’s 500 and the tech-rich Nasdaq also dove. The Dow is now nearly 13 percent off its recent high. Its 10-day plunge is the blue chips’ swiftest since 2011.

“Every day we think we could be near a bottom, and every day we are not,” Helane Becker, an analyst at the financial services firm Cowen, wrote in a note Thursday.

The market reaction came one day after the president sought to reassure the nation at a White House news conference with members of his coronavirus task force, but was assailed for what critics said was a contradictory message.

“He staked his presidency on containing the virus,” said David Kotok, chairman of Cumberland Advisors. “The markets have repudiated him with a 1,000-point drop on the heels of a 1,000-point drop.”

Read the full article at The Washington Post.

cumber map
Cumberland Advisors® is registered with the SEC under the Investment Advisers Act of 1940. All information contained herein is for informational purposes only and does not constitute a solicitation or offer to sell securities or investment advisory services. Such an offer can only be made in the states where Cumberland Advisors is either registered or is a Notice Filer or where an exemption from such registration or filing is available. New accounts will not be accepted unless and until all local regulations have been satisfied. This presentation does not purport to be a complete description of our performance or investment services. Please feel free to forward our commentaries (with proper attribution) to others who may be interested. It is not our intention to state or imply in any manner that past results and profitability is an indication of future performance. All material presented is compiled from sources believed to be reliable. However, accuracy cannot be guaranteed.
Loading...