NEW YORK (AP) — Stocks fell in early trading today, as Wall Street closes in on its worst quarterly performance since the most harrowing days of the 2008 financial crisis.
The S&P 500 dipped by less than 1% in the first few minutes of trading, extending its loss for the first three months of the year to more than 19%. Asian markets rose earlier in the day following a stronger-than-expected report on China’s economy, where factories are reopening as the spread of the coronavirus slows there. But momentum stalled in Europe, where the number of deaths jumped in Spain.
The surge of coronavirus cases around the world has sent markets tumbling by breathtaking degrees since mid-February, halting what had been a good start to the year. Markets rose early in the quarter with expectations that the economy was accelerating due to a calming trade wars and low interest rates around the world.