The stock market could still touch new lows as uncertainty around the coronavirus pandemic persists, economist Mohamed El-Erian argued Friday. Stocks fell on Friday to end another volatile week of trading, pressured by a spike in coronavirus-related deaths in New York while investors digested a dismal U.S. jobs report.
The Dow Jones Industrial Average slid 370 points, or 1.7% in wild trading. The S&P 500 dipped 1.8% along with the Nasdaq Composite.
New York Gov. Andrew Cuomo said deaths in the state rose by 562 in 24 hours to more than 2,900 for the biggest increase to date. Cuomo added the curve of confirmed cases “continues to go up,” noting there are now over 100,000 cases in the state.
“This still feels like something we’re heading into, not heading out of,” said Brian Nick, chief investment strategist at Nuveen. “We can see the light behind us, but not ahead of us.”
“The upside scenario is disappearing very quickly and the base case is getting worse,” said Nick.
There have been more than 261,000 confirmed infections in the United States and more than 6,600 deaths from COVID-19, according to data from Johns Hopkins University. Globally, more than 1 million cases have been confirmed.
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