After the Senate reached an agreement on a $2 trillion stimulus bill, even bond king and DoubleLine CEO Jeffrey Gundlach seemed to accept U.S. stocks have plenty of upside.
According to Bespoke Investment Group, the average stock in the bottom 10% performers since Feb. 19 shot up an average of 18%.
iframe.twitter-tweet { width: 100% !important; } The S&P 500 SPX, -1.32% closed at 2447.33. Gundlach did not follow up on the tweet.Tom Porcelli, chief U.S. economist at RBC Capital Markets, did some back-of-the-envelope calculations. The U.S. economy was running at a $21.5 trillion, or $413 billion per week, rate before the virus hits. Assuming the economy is 30% shut down, the $2 trillion probably gets you through 16 weeks, he said.
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