“We have to get used to the fact that we are going into a global recession,” Allianz’s El-Erian says. “Hopefully it will be short-lived, but I can’t see how we’re going to avoid a global recession.”
. "While it is still admittedly difficult to gauge the fundamental impact Apple may realize from the COVID-19 outbreak, at current levels we think shares offer a compelling risk / reward for long-term patient investors," analyst Aaron Rakers said. Shares of the tech giant are down 24% from the all-time high level.7:35 am: U.S.
U.S. stock futures are pointing to massive gains at the open, with the Dow set to rally nearly 1,000 points. The S&P and Nasdaq-100 are also set to open solidly in the green. A little more than two hours before the opening bell the "limit up" levels were reached after S&P futures jumped 5%. This is when trading is suspended at certain extreme price levels, and it acts as a protective measure during times of extreme volatility.
Friday's surge follows the worst day for stocks since the Oct. 1987 crash known as Black Monday. The Dow fell 9.99% and posted its largest single-day point decline on record. The S&P 500 also posted its worst day since Black Monday, and is now in bear market territory.
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