Apr 8, 2020 - Economy

How coronavirus impacted U.S. stock prices

Data: FactSet; Chart: Andrew Witherspoon/Axios
Data: FactSet; Chart: Andrew Witherspoon/Axios

After largely ignoring the coronavirus outbreak in January, news about the pandemic has been just about the only thing that has mattered to investors since the market's initial fall from record highs on Feb. 23.

Why it matters: Stock prices have bounced back since hitting a low on March 23, but analysts warn the gains are likely "bear market rallies" not backed by data.

  • The S&P 500 has gained around 15% since hitting its low, ending the bear market.

Watch this space: “Risk to the downside is greater than the opportunity to the upside from this point where we stand today,” Goldman Sachs chief equity strategist David Kostin told CNBC on Tuesday.

  • “I would just remind you that in 2008 in the fourth quarter there were many different rallies, I call them bear market rallies, some of which almost 20% a couple of times — but the market did not bottom until March of 2009.”

Go deeper: A coronavirus guide for individual investors

Go deeper