Why Would Goldman Sachs and BofA Throw Gasoline on the Stock Market Fire Yesterday?

by Pam Martens and Russ Martens
Wall Street on Parade

Going into Thursday morning, February 27, this was the situation on Wall Street:

  • The stock market, as measured by the Dow Jones Industrial Average, had already lost a total of more than 2,000 points in the prior three days of trading;
  • Stock futures were showing a big loss at the open of trading on Thursday;
  • News reports had proliferated overnight of the coronavirus spreading around the globe as well as a case in California suggesting it was now loose in the community.

For most folks, that would have been enough bad news to digest with their morning coffee. But it wasn’t for the folks at Goldman Sachs. At 8:12 a.m. yesterday morning, CNBC ran the above graphic and headline: “Goldman sees zero earnings growth for US companies this year because of coronavirus.”

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