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Friday, 03/13/2020 10:04:15 AM

Friday, March 13, 2020 10:04:15 AM

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Hitting the Brakes? Historic Plunge Seems To Meet Buying Interest as Futures Surge
9:19am ET 3/13/2020 | JJ Kinahan, Chief Market Strategist, TD Ameritrade
(Friday Market Open) Now that we’re in a bear market, people seem to feel a little more bullish this morning.
Futures turned around sharply overnight and went “limit-up” as it looks like bargain hunters might finally be emerging. That doesn’t mean the market can’t go back down, but an upgrade to Apple (AAPL) from Wells Fargo (WFC) and hopes for Congress to pass fiscal measures seemed to help in the early going.
This follows the market’s historic drop on Thursday. Looking back, the dramatic selloff probably indicated that investors believe the government’s fiscal plans and the Fed’s ramped-up funding actions won’t be enough to offset the economic impact of the virus. The S&P 500 Index (SPX) ended below 2500 yesterday for the first time in more than a year, down about 27% from last month’s all-time peak.
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