WALL STREET JOURNAL: Stocks Wrap Up Haywire Week With a Rally
Baker Boyer Chief Investment Officer is quoted in this Wall Street Journal article which discusses how investors gritted their teeth through a week that saw the Dow’s biggest drop since 1987, followed by its biggest gain since 2008.
Article excerpt: Adding to the uncertainty for people around the world and traders on Wall Street is that no one is able to pinpoint the true human or economic impact of its spread. The steps likely to help contain the virus will also hamper economic growth.
“It’s a really interesting conundrum because we know the very thing that’s going to damage the economy the most is probably going to be the most effective in controlling the virus,” said John Cunnison, chief investment officer at Baker Boyer.
Mr. Cunnison said the calls he has gotten from clients haven’t been the nervous ones many would expect. One of the biggest lessons from the last financial crisis is that it didn’t pay to sell in a panic when markets tanked. U.S. stocks notched a recovery that lasted more than a decade after the crisis ended.
“The majority of the calls have been: “John, when do we buy?” Mr. Cunnison said.
Read the full article (with paid subscription) in The Wall Street Journal.