March 24, 2020

Dow skyrockets to best day since 1933; markets bet on stimulus

Stocks staged a monster rally on Tuesday, with the battered Dow Jones Industrial Average posting its best day since 1933, as Wall Street bet that Washington’s warring political factions will coalesce around a $2 trillion stimulus package to combat the effects of the coronavirus.

The Dow rallied by over 11% to close up by over 2,100 points — only a day after a sell-off virtually erased all of the gains made since President Donald Trump was elected — and its best day in nearly 90 years. The S&P 500 Index had its strongest session since 2008, while the Nasdaq turned in its best performance in 7 days.

March 20, 2020

S&P 500 Sinks to Three-Year Low; Oil Tumbles

U.S. stocks dropped to cap the worst week for equities since the global financial crisis amid dire warnings about the economic effects of the coronavirus pandemic and as governments stepped up efforts to keep people at home.

The S&P 500 Index tumbled to its lowest in three years, ending the week down 15% as the European Union said the recession this year may be as bad as 2009, and Goldman Sachs warned the U.S. economy may shrink 24% on an annualized basis in the second quarter. Oil sank as governments around the world imposed restrictions on movement to slow the disease’s spread, bringing its weekly decline to 29%.

Oil Suffers Biggest Weekly Loss Since 1991 With Demand in Focus

Oil capped its biggest weekly decline in almost three decades as concern that the collapse of global fuel demand will deepen outweighed talks between OPEC and Texas’s energy regulator.

Futures in New York tumbled 11% to 22.43, Friday, bringing the week’s plunge to 29%, the biggest since January 1991

Apple Briefly Dips Below $1 Trillion Level It Held Since October

Stocks close at 3-year low in worst week since 2008; Trump era gains obliterated

Stocks on Friday plunged to a three-year low, closing out their worst week since the 2008 financial crisis and obliterating all of the gains made since President Donald Trump was inaugurated, as investors weighed the escalating coronavirus outbreak against vast stimulus measures designed to mitigate the crisis.

March 18, 2020

Dow closes at 3-year low below 20K, wiping out nearly all of Trump era’s gains

Wednesday’s volatile session shaved over 1,300 points off the Dow Jones Industrial Average, which settled below the psychologically-important level of 20,000 — its lowest close since February 2017 and deep in bear market territory. Oil’s demand and supply woes have also dragged the commodity to its lowest levels in nearly two decades.

U.S. oil plunges to 18-year low as lockdowns trigger market meltdown

Oil prices plunged on Wednesday, with U.S. crude futures hitting an 18-year low, as governments worldwide accelerated lockdowns to counter the coronavirus pandemic.

Oil futures have lost more than half their value in the past 10 days as schools have closed, businesses have shuttered and governments worldwide have urged residents to limit gatherings. The decline in the U.S. market in the last 10 days is the largest ever for the contract since it was introduced in 1983.

U.S. crude fell $6.58, or 24.4 per cent, to settle at $20.37 a barrel. U.S. crude futures have lost 56 per cent over last 10 days.

Brent crude settled down $3.85, or 13.4 per cent, at $24.88 a barrel after dropping as low as $24.52, its weakest since 2003.

March 16, 2020

Coronavirus jitters send Dow swooning to worst-ever point loss(2997, 12.93 %), closes at near 3-year low

Stocks cratered on Monday, with the Dow Jones Industrial Average suffering its worst-ever loss on a point basis, as new developments in the coronavirus pandemic prompted Wall Street to prepare for the growing possibility of a deep recession amid a prolonged shutdown of public life.

The Dow dived by 2,997 points, or 12.93%, and tumbled to 20,188.52, closing at its lowest level since May 2017 after President Donald Trump warned the crisis may drag on well into the summer months. The sell-off represented the index’s biggest percentage decline since the “Black Monday” crash of 1987 — and the 2nd worst in its 100-plus year history — as well as its largest point decline on record.

Coronavirus update: NY, NJ, CT move to ban large groups as Trump warns crisis may drag on into the summer

VIX Closes At Record High As S&P Breaks Critical Trendline Support

VIX closed at a record high – higher than the highest close during the Great Financial Crisis…

March 15, 2020

Federal Reserve slashes rates to zero, restarts QE

The Federal Reserve made an emergency announcement Sunday afternoon by announcing that it would be cutting interest rates to zero for the first time since the financial crisis.

The central bank said it will use its “full range of tools” to battle the economic impacts of the novel coronavirus and announced quantitative easing in the form of at least $700 billion of asset purchases. It also encouraged banks to provide credit to the economy by eliminating reserve requirements and allowing the financial firms to tap into capital and liquidity buffers.

March 13, 2020

Stocks post monster gains; Dow surges 9% adding nearly 2000 points as Trump declares coronavirus emergency

Wall Street stocks skyrocketed on Friday, recouping a chunk of Thursday’s steep losses in a monster rally as President Donald Trump officially declared a national emergency over the coronavirus outbreak, providing fearful investors with momentary comfort.

Amid new infections and a rising death toll, the president outlined a broad, multi-pronged $50 billion effort designed stave off a pathogen that’s currently ravaging Italy and threatens to overwhelm Europe. In addition to student loan relief — and using the opportunity provided by low oil prices to “fill up” America’s strategic reserve — the initiative will loosen up regulations to allow hospitals to “do what they want” to combat the virus.

“This will pass, this will pass through, and we will be even stronger for it,” Trump said.

Bank of Canada cuts key interest rate; Morneau announces fresh stimulus for businesses

The Bank of Canada Governor Poloz said he’s cutting the key overnight lending rate by 50 basis points to 0.75 per cent.

Finance Minister Bill Morneau announced that $10-billion of immediate credit will be available to Canadian businesses impacted by the coronavirus through Ottawa’s Business Development Bank and Export Development Canada

He also promised to unveil a “significant stimulus package” next week, well before the March 30 federal budget.

March 12, 2020

S&P 500 enters bear market, Dow plunges 10% in biggest one-day percentage drop since 1987

U.S. stocks tumbled more than 9% on Thursday, with Wall Street extended its dramatic slide into a bear market as the Dow, S&P 500 and Nasdaq all crashed in response to the global coronavirus crisis.

Growing alarm about the severity of the COVID-19 pathogen — and its economic toll — has sent markets into a tailspin that even a half a trillion dollar intervention from the Federal Reserve couldn’t help shake. Weeks of panic-driven selling has dragged blue-chip stocks into bear market territory at a breathtaking pace, of less than a month from peak to trough.

By Thursday’s close, the S&P 500 dropped 9.5%, or 260.62 points, in its largest percentage decline since the Black Monday crash of October 19, 1987. The blue-chip index slid more than 20% in total from its recent closing high from mid-February, sending it into a bear market.

The Dow’s 9.99% decline Thursday was also the biggest since 1987, and constituted a drop of 2,352.6 points.

Fastest-Ever Bear Market Opens Book on Century of Bottom Fishing

The rout showed little sign of slowing Thursday. Waves of selling sent the S&P 500 down 7% in the first five minutes of trading, setting off marketwide circuit breakers that paused trading for 15 minutes. At the break the index was down almost 25% from its February high.

As Bad as 2008? The Market’s Fear Index Is Starting to Think So

(Bloomberg Opinion) — How afraid should be you amid the coronavirus outbreak, at least as far as the stock market goes?One of the best ways to gauge how much fear is in the market is the CBOE Volatility Index, better known as the VIX. The VIX, sometimes referred to as the fear index, is derived from the price of S&P 500 index options; it provides a more or less objective measure of real-time sentiment and market stress — and it as it highest since the 2008-09 financial crisis:

Coronavirus fears lead to worst day in history for the TSX

Today’s more than 12 per cent plunge marked the single biggest one-day drop on the TSX, in percentage terms, since May 1, 1940 when it fell more than 25 per cent.

Coronavirus fears sent stocks tumbling again, triggering circuit breakers that brought trading on the TSX Composite Index (^GSPTSE) to a halt shortly after the open. 

Canada’s main stock index ended the day down 1761.64 points to 12,508.45 after opening down 7.5 per cent. The TSX came close, but didn’t hit the 13 per cent drop threshold to trigger another halt.

European stocks close 11% lower in worst one-day drop ever on coronavirus fears

The pan-European Stoxx 600 had plummeted 11% by the close, with travel and leisure stocks sinking 12.8% following Trump’s announcement of a ban on European travel.

The U.K.’s FTSE 100 lost 9.8%, France’s CAC 40 shed 12.3% and Germany’s DAX fell 12.2%. Italian stocks finished nearly 17% lower, which was also the worst single-day loss for the FTSE MIB.

Trump said Wednesday that the U.S. will sus

March 11, 2020

Dow drops 1,400 points, ending in bear market

The S&P 500, Dow and Nasdaq tumbled Wednesday as the volatility of the past couple weeks extended further.

The Dow shed 1,464.94 points during the session, or 5.9%, sending it more than 20% below its recent high from February and into a bear market.

Toronto stock market and Dow cross into bear markets after pandemic declared

TORONTO — Canada’s main stock index crossed into bear market territory Wednesday in the wake of the World Health Organization declaring the COVID-19 outbreak a pandemic.

The S&P/TSX composite index closed down 688 points or 4.6 percent at 14,270.09.

A bear market is commonly defined as a loss of 20 percent from a recent high. The TSX ended the day down 20.6 percent off the record high of 17,970.51 set on Feb. 20.

March 9, 2020

Dow plummets in worst day since 2008

The world’s faltering effort to contain the coronavirus outbreak led to a rout in stocks and crude oil on Monday, as new cases surfacing across the globe amplified fears of a downturn. Each of the three major indices dropped more than 7% by market close, with the Dow shedding more than 2,000 points.

https://finance.yahoo.com/news/stock-market-news-live-stock-oil-futures-crater-on-coronavirus-crude-war-fears-224253935.html

CNBC’s Jim Cramer: This is more chaotic than the financial crisis and could finally kill the bull market

That’s CNBC’s Jim Cramer capturing the mood on Wall Street on Monday, with the Dow Jones Industrial Average dropping more than 1,600 points, oil prices (CL00)plunging and the 10-year Treasury yield (BX:TMUBMUSD10Y)plumbing historic lows. In a series of tweets, Cramer warned that signs point to an imminent recession: Cramer also said that, by the time the market closes, we could be waving goodbye to the bull market investors have enjoyed for more than a decade. I think that that’s certainly a realistic thing,” he said.

https://finance.yahoo.com/m/2964374a-2909-366d-8e49-885bbc44a918/cnbc%E2%80%99s-jim-cramer-this-is.html

Dow logs biggest point-drop in history as stocks tumble

March 5, 2020

Stocks plunge nearly 1,000 points after California declares state of emergency

The S&P 500, Dow and Nasdaq were each off by more than 2%, giving back most gains after Wednesday’s surge. A still-escalating coronavirus outbreak continued to fuel investor concerns.

https://finance.yahoo.com/news/stock-market-news-live-updates-march-5-2020-124437019.html

March 4, 2020

Stocks boosted by Super Tuesday results; Coronavirus fears remain

Stocks surged Wednesday, recovering losses after a sell-off Tuesday knocked each of the three major indices by more than 2.8%. The S&P 500 and Dow each climbed by more than 4% by the end of the session.

Stocks surged and the Dow ended more than 1,000 points higher in another volatile session for equities.

https://finance.yahoo.com/news/stock-market-news-live-updates-march-4-2020-125211400.html

March 3, 2020

Stocks sell-off after Federal Reserve delivers emergency rate cut

4:06 p.m. ET: Dow ends nearly 800 points lower, giving back more than half of Monday’s gains

Each of the three major stock indices ended Tuesday’s session off more than 2.5%. The Dow shed nearly 800 points, reversing Monday’s more than 1200-point advance.

https://finance.yahoo.com/news/stock-market-news-live-updates-march-3-2020-122022862.html

Treasury 10-Year Yield Sets Record Below 1% on Virus Fears

Treasuries surged, driving 10-year yields below 1% for the first time ever, as traders bet the Federal Reserve’s emergency rate cut might not be enough to prevent the coronavirus from chilling the U.S. economy.

The rate on benchmark 10-year notes sank as much as 20.5 basis points to 0.9587%. Two-year yields declined up to 23.9 basis points to 0.6636%.

https://www.bloomberg.com/news/articles/2020-03-03/treasury-yield-curve-steepens-after-fed-cut-meets-expectations?srnd=markets-vp

Fed cuts rates by 50 basis points amid coronavirus concerns

The Federal Reserve cut interest rates by 50 basis points in an impromptu meeting on Tuesday as a response to the coronavirus

The cut, which amounts to a half percentage point, lowered the current target range to between 1% and 1.25%. The decision was unanimous among the Federal Open Market Committee members. U.S. stocks fluctuated after the emergency rate cut on Tuesday.

https://finance.yahoo.com/news/fed-cuts-rates-by-50-basis-points-amid-coronavirus-concerns-150008506.html

March 2, 2020

Dow jumps 1,290 points in biggest-ever point gain

U.S. stocks skyrocketed on Monday, with the Dow setting a single-day point record in a broad-based rebound, after mounting coronavirus fears sent global markets into a week-long swoon

https://finance.yahoo.com/news/stock-market-news-live-updates-march-2-2020-003013975.html

February 29, 2020

China manufacturing plunges in February amid virus controls

China’s manufacturing plunged in February by an even wider margin than expected after efforts to contain a virus outbreak shut down much of the world’s second-largest economy, an official surveyed showed Saturday.

The monthly purchasing managers’ index issued by the Chinese statistics agency and an industry group fell to 35.7 from January’s 50 on a 100-point scale on which numbers below 50 indicate activity contracting.

https://news.yahoo.com/china-manufacturing-plunges-february-amid-043332212.html

February 27, 2020

Dow drops 1190 points amid coronavirus fears, S&P 500 sees the fastest correction in history

Global financial markets plunged for the sixth consecutive day on Thursday, with coronavirus fears shaving over 1,100 points off the Dow (^DJI) — its biggest in history — and sending the S&P 500 (^GSPC) swooning to its fastest-ever correction.

Dow falls 1,191 points — the most in history

US stocks again sold off sharply on Thursday as worries about coronavirus mounted. The S&P 500 posted its worst day since August 18, 2011, and the three main indexes fell into correction territory. Stocks are on track for their worst week since the financial crisis. The Dow (INDU) dropped 1,191 points, or 4.4% in its worst one-day point drop in history. The index has fallen more than 10% below its most-recent peak, putting it in correction.The S&P 500 (SPX) closed down 4.4% and finished the day below the 3,000 point mark. The index is also in correction territory.

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