Bank Of America: The biggest recession hit ever

The worst is yet to come for stocks - after major exchanges suffered their worst day of the year, there are concerns

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that the Federal Reserve's plan to tackle inflation will result in a recession. The Dow Jones Industrial Average fell

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more than 1,000 points and the tech-heavy Nasdaq fell more than 5% in Thursday's disappointing session

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a sign that investors are skeptical of the Fed's ability to engineer a "soft landing" for the economy.

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Bank of America analysts, led by Michael Hartnett, said in a note to investors obtained by Bloomberg,

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"The base case is equities are low, the high yield has yet to be reached." The Nasdaq index is down more than

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22% so far this year as investors hedged their exposure to riskier growth stocks, which powered the markets' blockbuster

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performance during the COVID-19 pandemic. The Nasdaq lost more than 5% of its value on Thursday, marking its

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worst day in nearly two years. Meanwhile, the broad-based S&P 500 has lost nearly 14% of its value this year

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