EDITOR'S NOTE
If it seemed like the worst first quarter for stocks, well, it's because it was.
The first quarter of 2020 vastly overshadowed the first quarters of 2008 and 2009, and it even tops the first quarters of 1938 and 1939.
Stocks swung between gains and losses on Tuesday, but the major indexes all finished the last day of the quarter in bear market territory.
How the market fares for the next three quarters will continue to be a matter of ongoing speculation as the world battles the coronavirus pandemic.
The more bullish strategists see a market backstopped by the Federal Reserve and the U.S. government. They also see progress on testing and vaccines. The bears fret about longer-term damage to the economy and a retesting of the lows seen on March 23.
Either bet is risky because the pandemic remains unpredictable.
“As we conclude an unforgettable March and 1st Quarter today, the market seemingly has drifted … to no man’s land,” wrote Frank Cappelleri, executive director at Instinet.
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