Apr 8, 2020 - Economy & Business

How coronavirus impacted U.S. stock prices

Dion Rabouin, author of Markets
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

Updated 3 hours ago - Health

U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

Health experts fear that the protests breaking out across the U.S. could contribute to the spread of the coronavirus.

The state of play: Being outside may limit the danger, but close quarters, yelling, and potential exposure to tear gas, which causes coughing and crying, increase the risk of spread. It's recommended that those who are protesting be tested for the coronavirus.

New York City to impose curfew amid ongoing protests

Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

New York City will be placed under curfew on Monday from 11pm until 5am Tuesday morning following days of protests over the death of George Floyd, Gov. Andrew Cuomo announced Monday.

The state of play: The decision was a result of conversations with NYC Mayor Bill de Blasio and New York Police Department commissioner Dermot Shea. Cuomo said the number of police officers on the street will double from 4,000 to 8,000.

Family-commissioned autopsy says George Floyd's death was homicide

Police watch as demonstrators block a roadway while protesting the death of George Floyd in Miami. Photo: Joe Raedle/Getty Images

Preliminary results from an independent autopsy commissioned by George Floyd's family found that his death in the custody of Minneapolis police officer Derek Chauvin was "homicide caused by asphyxia due to neck and back compression that led to a lack of blood flow to the brain," according to a statement from the family's attorney.

Why it matters: The autopsy contradicts preliminary findings from the Hennepin County medical examiner, who found “no physical findings that support a diagnosis of traumatic asphyxiation or strangulation,” according to charging documents against Chauvin. The official examination is still ongoing.