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Coronavirus recession is "likely," economist says

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Stocks surged the most since October two thousand eight after president trump reassured investors his administration is taking measures to combat the coronavirus including stepping up testing and bolstering the oil market for the week however it was a losing week with the S. and P. five hundred index on the week plunging eight point eight percent as for the economic backdrop Jeff Kline top is chief global investment strategist at Charles Schwab we know what likely entering a global recession it's too early to tell the depth but the economy and the invulnerable to a shock after schooling last year we don't know what that shock is and if you're looking for past reference points for what has happened to markets Emily Rowland as co chief investment officer at John Hancock investments if you look at nineteen eighty seven which we would stay with yet another example of kind of a stock in a shock impact the market the market actually reclaim those prior highs in just under two years so we we would use that as an analog for what we're seeing today forecasters meanwhile see the American economy stumbling over the next three or so months and with that story here's Bloomberg's Vinny del Jude ice longest economic expansion on record is slammed into an unprecedented threat the global pandemic covert nineteen kana surveyed by Bloomberg project U. S. growth will stall in the upcoming second quarter eking out a point one percent gain and that may be generous as things evolve economists also pick the probability of a US recession at forty percent the police outlook since the financial crisis in March two thousand

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