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Gallup said Thursday a new survey shows U.S. investors now think it will take a long time for the market to recover after the coronavirus crisis ends.
April 9 (UPI) -- A new survey shows a majority of U.S. investors no longer expect the quick rebound in the stock market after the coronavirus pandemic they did last month, Gallup said Thursday.
In mid-March, 55 percent of U.S. investors said the stock market would bounce back quickly once the coronavirus crisis ended and 45 percent said it would take a long time. Now, those figures are reversed, a new survey shows, with 55 percent saying it will take a long time and 45 percent saying it will be quick.
U.S. investors were defined as those with $10,000 or more invested in stocks or bonds, Gallup said.
Fifty-five percent of investors said in the new survey conducted in early April that they would hold onto their stocks and wait for the market to come back. Slightly fewer, 52 percent, said last month it was time to hold onto stocks.
Investors who said it was a good opportunity to purchase stocks while prices were down slipped 5 from 34 percent to 29 percent. And the percentage who said it was time to decrease their stock holdings to protect from further losses was still small at 6 percent, up only 2 percentage points, from 4 percent last month.
Still, most investors were at least somewhat confident they could weather the storm. More than eight in 10 said they could handle the current market downtown, with 39 percent being very confident and 46 percent being somewhat confident.
The survey is an update of the Wells Fargo/Gallup survey on investors from March 17-19.
RELATED Gallup: U.S. residents hesitant to return to regular activities
"At that time, the Dow Jones Industrial Average closings were hovering around 20,000, down nearly 30 percent from the Dow's high point a month earlier," senior Gallup editor Lydia Saad noted. "Since then, the Dow fell further to below 18,000 before building back up to just over 21,000 at the time of the last survey."
Findings were based on a random sample of 2,691 U.S. adults polled April 3-5, with a 4 percentage point margin of error.
Poll: 70% of Americans believe U.S. economy in either recession or depression
A Gallup poll relased Wednesday found that 70 percent of Americans believe the United States is in either a recession or a depression as hundreds of thousands of Americans have lost jobs amid shutdowns to prevent the spread of the COVID-19 outbreak.
April 8 (UPI) -- Amid economic turbulence due to the COVID-19 outbreak, 70 percent of Americans believe that the U.S. economy is either in a recession or depression, according to a Gallup poll released Wednesday.
The survey, based on interviews conducted on April 3-5, found that 40 percent of Americans believe the United States is in a recession and 30 percent believe it is in a depression.
Nine percent more U.S. adults believe the country is in an economic depression and 3 percent more believe it is in a recession from Gallup's previous report last week.
Democrats had the most pessimistic outlook on the economy as 85 percent said they believe the economy is in a recession or depression compared to 68 percent of independents and 53 percent of Republicans.
The survey, based on interviews conducted on April 3-5, found that 40 percent of Americans believe the United States is in a recession and 30 percent believe it is in a depression.
Nine percent more U.S. adults believe the country is in an economic depression and 3 percent more believe it is in a recession from Gallup's previous report last week.
Democrats had the most pessimistic outlook on the economy as 85 percent said they believe the economy is in a recession or depression compared to 68 percent of independents and 53 percent of Republicans.
The survey was conducted as the U.S. Department of Labor said the country lost 701,000 jobs in March and the unemployment rate rose to a historic low of 4.4 percent.
U.S. markets on Wednesday continued to rebound from COVID-19 woes as the Dow Jones closed up 780 points after White House health adviser Dr. Anthony Fauci said Wednesday that the United States should begin to experience a "turn around" in coronavirus cases this week.
President Donald Trump on Tuesday also called for Congress to provide an additional $250 billion in funding for small business loans provided by the so-called Paycheck Protection Program established in a $2.2 trillion coronavirus response bill signed last month.
The survey results were based on self-administered web surveys conducted with a random sample of 3,876 U.S. adults aged 18 and older, with a 3 percent margin of error at the 95 percent confidence level.
APRIL 9, 2020
Another 6.6 million Americans file for unemployment
A sign informs the public of the closure at Elysian Park in Los Angeles, Calif., which was shuttered until further notice on March 28 due to the coronavirus pandemic. Photo by Jim Ruymen/UPI | License Photo
April 9 (UPI) -- More than 6.6 million people in the United States filed for unemployment benefits last week, the Labor Department said Thursday.
The department said 6,606,000 initial claims were filed for the week ending April 4. It also revised the prior week's claims up by 219,000.
Last week's claims represented a decrease of 261,000 compared to the prior week.
Thursday's report continued a surge of unemployment following lockdown conditions for workers in 43 states under stay-at-home orders.
Non-essential businesses -- especially in retail -- were either closed or sharply curtailed in areas affecting 95 percent of the U.S. population.
Thursday's figures came on top of the nearly 10 million claims made during the final two weeks of March, including a record 6.6 million the last week.
Some analysts had expected 5.5 million new filings, while others expected more. Bank of America Merrill Lynch predicted 6.5 million initial claims, while JP Morgan Chase had estimated an all-time-high of 7 million.
The latest numbers included losses that came after more state and local governments instituted wider restrictions affecting a much broader range of retail sectors.
Some economists estimated the joblessness surge has already pushed the actual U.S. unemployment rate above 10 percent. The official figure for March was 4.4 percent.
U.S. copes with COVID-19 pandemic
Workers with the nonprofit group SWBID pick up food to distribute to those in need from World Central Kitchen's makeshift distribution site at Nationals Park in Washington, D.C. on April 9. Photo by Kevin Dietsch/UPI | License Photo
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