Yesterday, stocks were down almost 3.0% after the Fed announced an emergency rate cut…the first since 2008 during the financial crisis.
And there was even more bad news regarding the coronavirus.
California reported its first coronavirus death. And in China, scientists discovered evidence that the virus has mutated at least once.
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In Italy, the Prime Minister said that their health care systems is on the verge of being overwhelmed because of the virus.
But today stocks were up 4.0%+ because of a Joe Biden Super Tuesday win?
That’s how it looks.
Biden’s win in key primary states gave a boost to the markets, since investors consider Biden a more market-friendly Democratic candidate than Bernie Sanders.
Today’s rally lifted the major indices out of correction territory (measured as a 10% drop from recent highs).
And the NASDAQ managed to turn positive for the year, now up 0.5% for 2020!
Here’s where the major indices ended the day:
- The S&P finished with a 4.2% gain. Up 127 points, the S&P ended at 3,130.
- The DOW ended higher by 4.5%. Adding 1173 points the DOW closed at 27,091.
- The NASDAQ was up 3.9%. With a 336 gain, the NASDAQ finished at 9,018.
Crude Oil (CL) struggled to stay above $48 and ended the day with a loss. Down 0.9%, Crude Oil finished the day at $46.77 a barrel.
Joe Biden’s Super Tuesday win was a big boost for healthcare stocks (before Tuesday, Bernie Sanders was getting a lot of attention with his push for healthcare reform).
UnitedHealth (UNH) jumped 10.7% today.
In the afternoon the Fed’s Beige Book was released. It showed that the Fed sees U.S. economic activity as “modest to moderate” and mentioned the coronavirus as a risk.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link