Mohamed El-Erian, chief economic advisor at Allianz, joins "Squawk Box" to discuss Wednesday's market plunge as well as the prospects for an economic and financial recovery from the coronavirus crisis.
Stocks alternated between gains and losses on Thursday as the number of coronavirus cases continues to rise while investors digested a regulation rollback for the big banks.
The Dow Jones Industrial Average traded 68 points lower around midday, or 0.3%. Earlier in the session, the 30-stock Dow was down more than 200 points and briefly traded over 100 points higher. The S&P 500 slipped 0.3% and the Nasdaq Composite dipped 0.1%
Florida reported on Thursday 5,004 additional coronavirus cases. That’s slightly down from the state’s single-day record of 5,508, which was reported Wednesday. In Arizona, cases jumped by 5.1%, topping the state’s seven-day average of 2.3%. Meanwhile, Texas Gov. Greg Abbott said the state would pause its reopening plans given the recent spike in cases and hospitalizations.
This recent uptick comes after the U.S. suffered its single-biggest daily coronavirus cases surge on record. More than 45,000 new coronavirus cases were confirmed on Wednesday, a record that surpassed the previous April 26 peak by over 9,000 cases, according to an NBC News tally.
Wall Street was coming off its worst one-day performance since June 11, with the Dow, S&P 500 and Nasdaq all falling more than 2% on Wednesday.
“The market has been optimistic that the economy is re-opening and that life would get somewhat back to normal, but the virus may have other ideas,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, said in an email. “The market has again gotten caught up in the crossfire of increasing numbers of Covid-19 cases, trade protectionism and politics.”
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