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Stocks - Dow Suffers Worst First Quarter Ever as Late Selling Hits Wall Street

Stock MarketsMar 31, 2020 04:09PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – A wave of late selling hit Wall Street Tuesday, leading to the Dow suffering its worst ever first quarter amid worries the widely-expected recession in the U.S. may be worse than feared as the Covid-19 pandemic intensified.

The Dow fell 1.8%, taking its losses for the quarter to 23%, its steepest first-quarter decline on record. The S&P 500 slipped 1.6% and the Nasdaq Composite fell 0.95%.

The U.S. reported nearly 11,000 new Covid-19 cases since Monday, taking the total to about 174,000, with about 3,400 dead so far, following a spike in infections in New York, the epicenter of the outbreak in the U.S.

In New York state, coronavirus infections jumped 14% overnight to 75,795, with Gov. Andrew Cuomo conceding that the virus is more dangerous than expected.

"I’m tired of being behind this virus. We’ve been behind this virus from day one," Cuomo said. "We underestimated this virus. It’s more powerful, it’s more dangerous than we expected."

With little end to sight to the pandemic, Wall Street has warned of an even gloomier economic backdrop despite growing expectations Congress and the Federal Reserve will ensure the well of stimulus remains deep.

"With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill,” President Donald Trump tweeted today.

"It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4,” he added.

Goldman Sachs (NYSE:GS) now expects real U.S. gross domestic product to shrink 9% in the first quarter and 34% in the second three months of the year, on an annualized basis, compared with a previous forecast for falls of 6% and 24% respectively. The investment bank said, however, it expected gradual recovery in output to get underway in May or June.

Against the growing expectation of economic doom, Trump is expected to announce a three-month delay to tariff payments of some imported goods, Bloomberg reported. The order, however, will not include a reprieve on levies imposed on Chinese goods nor on aluminum and steel imports.

"The order, which could come as soon as this week, would give the Treasury Department the authority to direct Customs and Border Protection to delay collecting tariffs on those imports for 90 days," according to the report.

Defensive corners of the market like real estate and utilities led the market lower as investors positioned their portfolio for the quarter-end.

Energy, however, proved an exception to the decline, rising 1.82%, though had been up more than 3% earlier, on growing hopes Saudi Arabia and Russia may call a truce on their price war in an effort to stabilize the market.

Stocks - Dow Suffers Worst First Quarter Ever as Late Selling Hits Wall Street
 

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Comments (15)
Pete Palella
Pete Palella Mar 31, 2020 10:44PM ET
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President Trump is doing s great job handling this. He’ll definitely do another term
Chris Martin
Chris Martin Mar 31, 2020 9:23PM ET
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Yes, why not thank "Son Of Mario" for NOT buying thousands of ventilators as he was warned N.Y. was short of these items? Nooo, NOW S.O.M. blamed Trump. SOM didn't want TRUMP to cut off travel to NYC. I heard him and those of his ilk ALL saying this.
Ronald Warren
Ronald Warren Mar 31, 2020 9:23PM ET
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Mr. Martin, there's an excellent read in Analysis & Opinion entitled " V-shaped recovery not a given " by Michael Pento
Randall Wagner
Randall Wagner Mar 31, 2020 8:23PM ET
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thank god for Trump
franklin neversoy
franklin neversoy Mar 31, 2020 7:30PM ET
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As soon as coumo opens his mouth tomorrow the misery will accelerate and trump just ignoring the virus
Patrick Mueller
Patrick Mueller Mar 31, 2020 7:28PM ET
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The Nile Is A River In Egypt, And It Will ********You!
franklin neversoy
franklin neversoy Mar 31, 2020 7:27PM ET
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Futures already down close to -300 tomorrow morning ughly
Ronald Warren
Ronald Warren Mar 31, 2020 7:27PM ET
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Seems to be a repeating pattern here. Run up while the market is open and liquidate in the evening. Wouldn't be surprised if we're green by 8:00 AM.
Chris Martin
Chris Martin Mar 31, 2020 7:27PM ET
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knowing little don't help now. Might as well look for Chicken Little -
David David
David9 Mar 31, 2020 7:10PM ET
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I think by year end, market will be back and return 20% for the year.
Ronald Warren
Ronald Warren Mar 31, 2020 7:10PM ET
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By year end, the "2nd Depression", will be in full swing! Better re-think your plan.
Chris Martin
Chris Martin Mar 31, 2020 7:10PM ET
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You have a crystal ball right #19?Hope you're right -
Chris Martin
Chris Martin Mar 31, 2020 7:10PM ET
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You got a crystal ball too?Hope you're wrong-
jemin An
jemin An Mar 31, 2020 6:51PM ET
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No! Don't touch your face, you will gonna infected. sir.
Get Sirius
Get Sirius Mar 31, 2020 6:39PM ET
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So what happend? Job claims? Covid-19? Economy? Come on - get serious. I mean every of this reasons were here also yesterday.So how to explain this drop?Easy. Sharks finally understood that there is nobody but Fed players (themselves) who will buy anything in this days.
Toho Tama Simanjuntak
Toho Tama Simanjuntak Mar 31, 2020 6:39PM ET
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lol soo true bro.
Michael Brandon
Michael Brandon Mar 31, 2020 6:36PM ET
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lmao wasn't this photo used for another article a few weeks ago?
James Holmgren
James Holmgren Mar 31, 2020 6:30PM ET
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There he goes again Trump grasping for straws in our pocket book.
charlie glass
charlie glass Mar 31, 2020 6:30PM ET
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yes, republicans are the ones known for grasping at people's pocket books...good luck with getting people without TDS to believe that. btw trump's approval hit all time highs last week. how is your demented frontrunner doing? oh right he was on CNN coughing into his hand and unable to complete a single coherent thought.
charlie glass
charlie glass Mar 31, 2020 6:30PM ET
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btw AOC wanted to borrow $50 trillion for the green new deal... you mind giving her 90% of your income?
Chris Martin
Chris Martin Mar 31, 2020 6:30PM ET
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charlie glass All going on charlie -
Chris Martin
Chris Martin Mar 31, 2020 6:30PM ET
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what about the bag-o- bones that was trying to help the A.O., you know... At least she's keeping the botox market alive.
charlie glass
charlie glass Mar 31, 2020 6:30PM ET
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yes, republicans are the ones known for grasping at people's pocket books... btw trump's approval hit all time highs last week. how is your demented frontrunner doing? oh right he was on CNN coughing into his hand and unable to complete a single coherent thought.
charlie glass
charlie glass Mar 31, 2020 6:08PM ET
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interesting, do you think it could have anything to do with that virus from china? i know it hasnt been talked about much in the news but i think it could be related
Pat Am
AROB Mar 31, 2020 6:04PM ET
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So... if China injecting cash into it’s markets is communism, how is Trump injecting cash into our markets capitalism?
john richards
john richards Mar 31, 2020 5:01PM ET
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Even with the Arabs and everything else connected to oil in mass equity liquidation mode.
Hec Encinas
Hec Encinas Mar 31, 2020 4:55PM ET
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Even with the market manipulation the government together with Blackrock did the last week.
 
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