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After climbing to a one month high on Tuesday, the S&P 500 declined 2.2% yesterday and more losses are set to follow today with futures indicating a lower open.It is no surprise that economic data will take a steep hit given the lockdown imposed on all US states, but the shockingly weak figures released yesterday explains why investors returned to being defensive.US retail sales in March dropped 8.7%, the sharpest decline ever recorded, and worse than median expectations of a fall of 8%, and New York manufacturing activity hit an all-time low of negative 78.2%. Meanwhile,... Read More

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