After rallying yesterday, the market seems to be in a more somber mood Wednesday as signs of the economic toll from the pandemic continue to mount.
pulled back amid worries about demand from a global economy that the International Monetary Fund said is heading to its worst recession since the Great Depression. That weighed on energy stocks even as the financial sector was under continued pressure from weaker-than-expected earnings as big banks set aside funds to deal with a wave of expected loan losses.
In economic news, figures for March fell by a record 8.7%. were expected to be dismal, with a Briefing.com consensus expectation forecasting a 10% decline.
Despite all that, the selling this morning doesn’t seem to be as intense as it has been in the recent past as Wall Street has been working its way higher in fits and starts as investors and traders try to feel out how solid the recent bounce is.
And after all, there is bound to be some selling pressure in any market, but…