A version of this story first appeared in CNN Business' Before the Bell newsletter. This feeds fears among economists about whether a harmful deflationary spiral could set in, my CNN Business colleague Anneken Tappe reports. His comments contributed to a selloff in stocks, with the S&P 500 closing 2.1% lower. That rapid recovery has lifted market valuations into ultra-rich territory , my CNN Business colleague Matt Egan reports. The investment bank expects the S&P 500 will plunge back to 2,400 over the next three months, representing a potential decline of more than 16%.

Source: CNN May 13, 2020 12:00 UTC