David Kostin, Goldman Sachs’ chief equity strategist, warned investors on Tuesday that the recent stock market rally is losing touch with reality since the coronavirus outbreak is likely to have a prolonged negative impact on the US and global economy. “Risk to the downside is greater than the opportunity to the upside from this point where we stand today,” Kostin told CNBC. The S&P 500 rose 7.2% on Monday and the Dow Jones Industrial Average gained 7.8% or 1,600 points alongside a 7.3% rise in the tech-heavy Nasdaq index. The rally was likely fueled by data, which showed the rise in the number of coronavirus cases in some of the worst-hit countries slowed over the weekend. Key quote I would just remind you that in 2008 in the fourth quarter there were many different rallies…but the market did not bottom until March of 2009, FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next S. Korean Pres. Moon: Considering extra measures worth 17.7trln won to support domestic demand FX Street 2 years David Kostin, Goldman Sachs' chief equity strategist, warned investors on Tuesday that the recent stock market rally is losing touch with reality since the coronavirus outbreak is likely to have a prolonged negative impact on the US and global economy. "Risk to the downside is greater than the opportunity to the upside from this point where we stand today,” Kostin told CNBC. The S&P 500 rose 7.2% on Monday and the Dow Jones Industrial Average gained 7.8% or 1,600 points alongside a 7.3% rise in the tech-heavy Nasdaq index. The rally was likely fueled by data, which showed the rise… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
