Stocks Tumble, Bonds Rise on Shutdown Concerns: Markets Wrap
- Spreading virus threatens to lock down country for months
- U.K. banks tumble after halting dividends; Treasuries advance
This article is for subscribers only.
U.S. stocks fell for the third time in four days as investors braced for a longer economic shutdown that’s likely to devastate corporate profits and dividends. The dollar rose with Treasuries.
The S&P 500 dropped the most in two weeks, with sentiment souring after U.S. officials gave sobering assessments of the pandemic’s potential impact. President Donald Trump warned of a “painful” upcoming period for the country, while New York Governor Andrew Cuomo said a model showed the Covid-19 outbreak may not peak in the state until the end of April. Italy also said Wednesday it would extend its lockdown.