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Daily Market Update
with JJ Kinahan

5 min read

No Fooling: April Begins with Fresh Selloff as Virus Fears Intensify

(Wednesday Market Close) Meet the new quarter; same as the old quarter. The silver lining is that the ugliness isn’t quite as ugly as in the recent past.

Hopes for a “V-shaped” recovery took a blow Wednesday as April opened and last week’s rally went up in smoke. Major indices gave away a decent-sized chunk of their recent gains, but maybe there’s solace in seeing the market avoid another limit-down plunge.

The selling began early both overseas and in U.S. futures markets, then gathered steam once the U.S. session began. There was a brief comeback attempt at mid-morning, but it couldn’t find traction and got stamped out quickly. President Trump’s warning yesterday about a tough two weeks ahead and the potential for a U.S. death toll in the six figures likely intensified peoples’ worries and played into Wednesday’s selling. 

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