Finance

S&P 500 just hit a level that could spark the next meltdown: Dwyer

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The stock market’s three day win streak may be in jeopardy.

Canaccord Genuity’s Tony Dwyer warns the S&P 500 just hit a level that sets the stage for another meltdown as the country copes with the coronavirus impact.

“We put 2,575 as a level for this relief rally,” the firm’s chief market strategist told CNBC’s “Trading Nation” on Thursday.

The S&P 500 is coming off its biggest three day gain since 1933. On Thursday, it closed up more than 6% to 2,630. However, it’s still almost 23% off its record high.

The S&P isn’t the only index seeing upside momentum. The Dow is also seeing its best three day run since the 1930s.

Dwyer cites human nature of fear as the likely catalyst to interrupt the…



Source cnbc.com

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