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The market is so haywire some Wall Street strategists threw in the towel on giving S&P 500 targets

The market is so haywire some Wall Street strategists threw in the towel on giving S&P 500 targets

Finance
The stock market has gone so haywire amid the coronavirus crisis that some strategists on Wall Street are giving up on forecasting what comes next.Over the past week or so, chief market strategists at BMO, Oppenheimer and Canaccord Genuity have all suspended their year-end targets on the S&P 500, blaming the unprecedented economic uncertainty that makes projecting the market a fool's errand."For the first time in our collective careers, we have decided to suspend our year-end S&P 500 price and EPS targets in favor of rolling 12-month forecasts," BMO's Brian Belski and Nicholas Roccanova said in a note. "We believe there is minimal rational method for predicting the path of US stocks given the rapidity and volatility of data, forecasts, and emotions on a nearly d...
Southwest Valley awarded $524M for border wall construction in Arizona

Southwest Valley awarded $524M for border wall construction in Arizona

Business
March 24 (UPI) -- The U.S. Army has awarded $ 524 million to Southwest Valley Constructors for design and build of a section of wall along the U.S. Mexico border, the Department of Defense announced. The deal modifies an earlier contract, originally awarded in May 2019, for design build replacing the section of the wall near Tucson, Ariz. In February, Southwest Valley received a $ 175.4 million contract for border wall construction in the Rio Grande Valley of Texas. The Arizona Daily Star has reported that the Albuquerque, N.M.-based contractor was formed in 2017 in Delaware by officers with the Omaha-based, multibillion-dollar construction firm Kiewit. Kiewit has also received about $ 1.8 billion in border wall contracts. The project has an estimated completion date of Sept. 7, 2021. ...
Wall Street braces for more market volatility as wild swings become the ‘new normal’ amid coronavirus

Wall Street braces for more market volatility as wild swings become the ‘new normal’ amid coronavirus

Finance
Traders work during the opening bell at the New York Stock Exchange (NYSE) on February 28, 2020 at Wall Street in New York City.Johannes Eisele | AFP | Getty ImagesThe S&P 500 has never behaved like this, but Wall Street strategists say get used to it. Investors just witnessed the equity benchmark swinging up or down 2% for four days straight in the face of the coronavirus panic.In the index's history dating back to 1927, this is the first time the S&P 500 had a week of alternating gains and losses of more than 2% from Monday through Thursday, according to Bespoke Investment Group. Daily swings like this over a two-week period were only seen at the peak of the financial crisis and in 2011 when U.S. sovereign debt got its first-ever downgrade, the firm said."The message to...
A full analysis of the market turmoil: What Wall Street pros are watching before jumping back in

A full analysis of the market turmoil: What Wall Street pros are watching before jumping back in

Finance
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., February 28, 2020.Brendan McDermid | ReutersThe stock market has rushed with historic speed to an extreme place. This means, among plenty else, that the tape is becoming stressed and stretched in a way that tends to precede the kind of reflex rally that is sudden, powerful and probably untrustworthy.The damage toll from the 12% collapse in seven trading days is a litany of rarities. On the highest weekly volume in nearly a decade, the selling became indiscriminate and generated oversold readings for the record books. Fewer than 20 stocks in the S&P 500 are still above their 50-day average price.The broad Dow Jones Composite index went from a 52-week high to 52-week low in ten trading days, fast...
Southwest Valley Constructors receives $175.4M for border wall in Texas

Southwest Valley Constructors receives $175.4M for border wall in Texas

Business
Feb. 28 (UPI) -- Southwest Valley Constructors was awarded a $ 175.4 million contract for border wall construction in the Rio Grande Valley of Texas, the Pentagon announced Friday. Work on this contract will be performed in Rio Grande City, with an estimated completion date of Oct. 4, 2021, according to the Department of Defense. The project is funded with Fiscal 2018 and 2019 appropriation funds, with the full amount of the award being obligated immediately. In May 2019 the Pentagon awarded Southwest Valley Constructors with a $ 646 million million contract for design and build of the border wall at Tucson, Ariz., after being selected to compete for each order of a $ 5 billion bid earlier that month. According to the Arizona Daily Star, Albuquerque, N.M.-based contractor was formed in D...