Michael Arone, State Street Global Advisors, joins CNBC's special coverage of the coronavirus pandemic. He discusses the market's reaction to the coronavirus outbreak. Stocks appear to be finding the bottom but some strategists say it may be over a trap door that could give way to another big decline.
Some credit markets are faring better, the dollar is weakening, and there are positive technical signs pointing to a bottoming in the equities market. But it appears to be driven by hopes for a fiscal stimulus package and the massive Fed programs that have flooded markets with an unprecedented amount of liquidity in a very short time.
The real pivot by markets may come when there are signs the number of new cases of coronavirus have peaked in the U.S., and there is a new level of visibility on the economic impact and earnings hit from the virus. There are currently about 50,000 U.S. cases, ten times higher than week ago.
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