Stocks bounced back after a rough start this morning.
The coronavirus was a hot topic again today, after 600 confirmed cases have been reported, including cases in Singapore and the U.S.
And China locking down some cities to prevent the spread of the virus ahead of their Lunar New Year festivities, only made things worse,
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But news from the World Health Organization (WHO) helped eliminate some fears, when WHO said it was a bit “too early to consider this event is a public health emergency of international concern.”
With a quick drop after the open, stocks hit session lows in the first 15 minutes of trading. But after the sell-off stocks rallied.
There was another push lower late morning, then a steady rally throughout the day that eventually left the major indices mixed.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 4 points, the S&P ended at 3,326.
- The DOW ended lower by 0.1%. Down 26 points, the DOW closed at 29,160.
- The NASDAQ was up 0.2%. With a 19 point gain, the NASDAQ finished at 9,403.
Crude Oil (CL) finished lower for the 3rd day in a row. Down 2.0%, CL ended the session at $55.61 a barrel.
American Airlines (AAL) dropped initially after reporting weaker than expected earnings. But the stock jumped after the WHO comments, with traders hoping that a full blown pandemic wouldn’t hurt air travel. The stock ended the day with a 5.4% gain.
Netflix (NFLX) bounced back after yesterday’s drop on disappointing subscriber growth and finished the day with a 7.2% gain.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link