US stocks tumble as Wall Street heads for its worst first quarter ever

Wall Street opened sharply lower on Tuesday, with the Dow Jones Industrial Average down over 200 points. The S&P 500 and the Nasdaq Composite were down around one percent during early trading.

Investors remain focused on the worsening Covid-19 outbreak in the US, which officially has become the most affected country, with confirmed cases rising to more than 164,000. President Donald Trump said on Sunday he hopes the country will “be well on our way to recovery” by June 1.

US stock markets are giving back some of the gains from the previous session, when the Dow jumped nearly 700 points and the S&P 500 rallied 3.4 percent. The gains on Monday were led by an eight percent surge in Johnson & Johnson shares after the pharmaceutical firm announced a vaccine candidate for the coronavirus.

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“I think the market has established some type of bottom,” Tom Lee, head of research at Fundstrat Global Advisors, told CNBC. “I don’t know if this is October ’08 here; we still have some wood to chop.”

The Dow is now up 20 percent from its coronavirus sell-off low on March 23, while the S&P 500 has grown more than 17 percent from those levels.

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Source: NEWS