Stocks surged on Tuesday, offering some respite from the prior session’s gruesome sell-off that saw the Dow Jones Industrial Average post its largest-ever point drop, and its worst sell-off on a percentage basis since Black Monday of 1987.
Volatility stemming from the outbreak has seen the Dow move up or down by 1000 points or more for 7 straight days, and 11 times total in the last month, according to Yahoo Finance data. Based on the stock market’s historically steep declines over the past few weeks, market participants have already priced in a recession, according to Fundstrat head of research Tom Lee.
A day earlier, President Donald Trump had offered a grim assessment of the COVID-19 crisis, acknowledging that the U.S. “may be” heading toward a recession, and social distancing measures could drag on well into the summer months. As travel grinds to a halt, economists are increasingly bracing for a major hit to global GDP growth in 2020.
2:45 p.m. ET: NYC Mayor tells citizens to be prepared to stay homeNew York City Mayor Bill de Blasio told citizens that a “shelter-in-place” order could be announced within days, despite Governor Andrew Cuomo dismissing the legality of such an idea earlier in the day. If the mayor wins the argument, it means New Yorkers may not be able to leave their homes for an extended period of time.
“The commercial paper market has been under considerable strain in recent days as businesses and households face greater uncertainty in light of the coronavirus outbreak,” the Fed said in a statement. Half of the responses for the survey were collected prior to March 4, however, so the most recent impacts from the coronavirus on U.S. stocks and economic data were not entirely taken into account.
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I can’t until it drops double that again 😭
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Stock market live updates: White House and Fed boost stocks, Dow up 600, Boeing cratersThe Dow dipped below 20,000 this morning, but later recovered. Here’s what 5 experts have to say about the market volatility amid the coronavirus pandemic. buy now. when this blows over people are going to party like crazy. This sounds like the stimulus support that we've been looking for, so I think that it's ok to buy incrementally. In total, the package sounds right at maybe $2t to $3t. Don't be mistaken, there will be more bad news, but this news just shortened the distance to a bottom. Report something positive...quit the negative reporting!!!!!!!!!!
Source: CNBC - 🏆 12. / 72 Read more »
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Source: CNBC - 🏆 12. / 72 Read more »
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Source: CNBC - 🏆 12. / 72 Read more »
Stock market live updates: Stocks re-open after halt, Dow drops 2,700, S&P tanks 11%A conversation about the latest market news, including the massive sell-off in stocks and a giant monetary stimulus package from the Fed. Third time's the charm? cricket chirps* What happened to the free market? Oh no supply and demand is doing something the capitalists don't like, shut it off! This shit is all fake
Source: CNBC - 🏆 12. / 72 Read more »
Stock market live Monday: Dow drops 13%, Trump says recession possible, trading halted at openA conversation about the latest market news, including the massive sell-off in stocks and a giant monetary stimulus package from the Fed. GuyAdami timseymour 🐻 GuyAdami timseymour Bond market the space to watch ..... GuyAdami timseymour Great insight gentlemen. Sometimes these things seem logical or obvious... sometimes we still need reminders.
Source: CNBC - 🏆 12. / 72 Read more »
Stock market news today: Dow sinks as Fed actions fail to calm nerves - Business InsiderUS stock trading was halted within minutes after sharp selling at the open. Sharp losses persisted after trading resumed. Me: *waiting for realDonaldTrump tweet taking credit for it It will go to 0 They should probably put money into healthcare, hospital beds, supplies you know stuff to help people.
Source: BusinessInsider - 🏆 729. / 51 Read more »