12.03.2020 S&P 500 Daily Analysis

11.03.2020 S&P 500 Daily Analysis

The S&P 500 Index on Wednesday afternoon fell below a threshold that would put the benchmark in the bear-market territory if it closed there, threatening to end the longest bull market in history. The S&P 500 SPX, -4.88% hit a low at 2,707.32 in the final hour of trade on Wednesday, a close at or below that level would mark a 20% drop, meeting the widely accepted criteria for a bear market. The decline for the benchmark came after the Dow Jones Industrial Average hit a low at 23,328.32, also meeting the criteria for a bear market. On March 9, the stock market notched its 11th year in a bull-market uptrend, the longest streak in history.  An asset is considered to be in a bear-market only when it closes at least 20% below its recent peak. A decline for stocks deepened after the World Health Organization classified the outbreak of COVID-19 as a pandemic, and after Reuters reported that the White House had ordered top-level COVID-19 meetings to be classified. The VIRUS has infected about 121,000 people with 4,300 deaths globally. Deeper declines on Wall Street may depend on whether the health crisis pushes the U.S. economy into its first recession in over a decade. However, the Trump administration considers extending the April 15 tax filing deadline to curb the financial impact of COVID-19 on American households and businesses, Tax Day is a colloquial term for the day on which individual income tax returns are due to be submitted to the federal government. The term may also refer to the same day for individual states, even where the tax return due date is a different day.