Virus Angst Jars Market Where Stock Skeptics Are in Short Supply
- S&P 500 suffers worst drop in a month amid widespread losses
- Down days have been more pronounced when everyone leans buy
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For an idea of how extended positioning has gotten in stocks of late, consider that the big debate in the equity market this month hasn’t pitted bull against bear, but bull against bull, over which companies, value or growth, would lead the next upward leg.
And while that discussion may resume after investors collect themselves from the damage, on Monday the short answer was neither: virtually all stocks tumbled as signs of resurgent coronavirus and a sales warning from a major software company shocked a market where optimism has reached some of the highest levels in years.