Stocks suffered big losses again today after more coronavirus news.
This morning the major indices opened slightly higher. But just an hour into the session stocks were looking at losses.
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The sell-off continued after the Center for Disease Control (CDC) said “we are asking the American public to work with us to prepare in the expectation that this (coronavirus) could be bad.”
With today’s drop, stocks have finished lower for 4 days straight.
Today the NASDAQ closed below 9,000 for the first time since 2019. And the S&P has lost 6.3% ($1.7 trillion in market value) in the last 2 days, which is the biggest 2-day slide since 2015.
Here’s where the major indices ended the day:
- The S&P finished with a 3.0% loss. Down 98 points, the S&P ended at 3,128.
- The DOW ended lower by 3.2%. Dropping 879 points the DOW closed at 27,081.
- The NASDAQ was down 2.8%. With a 258 point loss, the NASDAQ finished at 8,966.
Crude Oil (CL) finished lower for the 3rd day straight. Down 3.0%, Crude Oil finished the day at $49.89 a barrel.
This recent slide has put Apple (AAPL) and Facebook (FB) into correction territory (a drop of 10% from recent highs). Today Apple was down 3.4% and Facebook lost 2.0%.
The 10-year Treasury yield hit an all-time low at 1.33% today. And the lower rates pushed bank stocks lower (over concerns that the drop in rates could hurt bank profits).
Bank of America (BAC) lost 5.0%, JP Morgan Chase (JPM) dropped 4.5% and Citigroup (C) was down 4.3%.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link