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Dow Jones Could Crash 40% Over Coronavirus Pandemic: Dr. Doom
Economist Nouriel Roubini reckons the stock market could tank 40% due to coronavirus concerns. He may be right.
- Nouriel Roubini, who predicted the 2008 crash correctly, claims global equities could take a 40% hit because of the coronavirus outbreak.
- Dow Jones jumped over 5% on Monday, but such volatility is indicative of a bear market rally.
- Roubini’s prediction may prove correct as rate cuts will fail to work as a measure to stimulate spending. Investors losing faith in the Federal Reserve’s ability can lead to a brutal stock market crash.
Famed economist Nouriel Roubini is known for making gloomy predictions that often come true. He was warning the markets of an impending recession in 2006, and it came true shortly thereafter in the form of the subprime mortgage crisis.
Labeled Dr. Doom for his melancholy predictions, Roubini is now claiming global equities could plummet 40% due to coronavirus. If his prediction comes true, the Dow Jones could crash to sub-18,000 levels.
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