Mohamed El-Erian: Market looks 'less scary' as stocks look to rebound from nearly 30% drop
tanked 9.5% on Thursday, joining the Dow in a bear market and officially ending the longest bull market ever. Since last month's record, the index lost nearly 27%. A bear market is defined by a decline of at least 20% from recent highs.El-Erian predicted the U.S. stock market may drop 30% from last month's records before finding a bottom.
El-Erian said on Friday that he did take some solace in what he described as Federal Reserve policymakers and government officials waking up to the magnitude of potential economic damage that the virus is causing in the U.S. and around the world. He did caution, however, that "We have to get used to the fact that we're going into a global recession."
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