Stocks battle to recoup losses from steepest drop since 1987 crash - Fox Business

National Economic Council Director Larry Kudlow on investing in the stock market despite coronavirus fears.

U.S. equity markets were swinging wildly Tuesday as investors tried to claw back some of their losses from the steepest one-day slide since the Black Monday crash of 1987.

Continue Reading Below

The Dow Jones Industrial Average climbed by as many as 612 points, or 3 percent, while the S&P 500 and Nasdaq Composite rose by 3.2 percent and 3.1 percent, respectively, before giving up their gains and turning negative. Selling briefly dropped the Dow below the 20,000 level for the first time since February 2017.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	20253.28	+64.76	+0.32%
SP500	S&P 500	2374.88	-11.25	-0.47%
I:COMP	NASDAQ COMPOSITE INDEX	6833.984583	-70.61	-1.02%

The early gains have the major averages on track to recoup a portion of the more than 12 percent drop that occurred Monday. The selling pushed the benchmark S&P 500 nearly 30 percent below its Feb. 19 peak and ran the VIX, or fear index, to its highest level on record.

Looking at stocks, Regeneron soared after the company said it hopes to start clinical trials for a COVID-19 antibody treatment as early as this summer. Other companies working on treatments also rallied.

Ticker	Security	Last	Change	Change %
REGN	REGENERON PHARMACEUTICALS INC.	482.48	+41.65	+9.45%
INO	INOVIO PHARMACEUTICALS	6.73	+0.60	+9.79%
MRNA	MODERNA INC.	29.00	+2.51	+9.48%

Boeing shares gained after a report said both the planemaker and the aviation sector as a whole were in talks for short-term government assistance. The heavily beaten-down airline sector also rallied.

Ticker	Security	Last	Change	Change %
BA	BOEING COMPANY	117.23	-12.38	-9.55%
AAL	AMERICAN AIRLINES GROUP INC.	14.95	-0.97	-6.10%
UAL	UNITED AIRLINES HLDG.	32.45	-3.02	-8.51%

Retail stocks were in focus after February sales fell 0.4 percent year-over-year, according to the Commerce Department, missing the 0.2 percent gain that economists surveyed by Refinitiv were expecting. Elsewhere in the space, Nordstrom announced the closure of all of its stores in the U.S. and Canada and pulled its 2020 outlook.

Ticker	Security	Last	Change	Change %
JWN	NORDSTROM	14.28	-2.91	-16.93%
M	MACY'S INC.	6.12	-0.59	-8.78%
ROST	ROSS STORES INC.	69.37	-4.56	-6.17%

Ravaged oil stocks were seeing some reprieve as West Texas Intermediate crude oil traded up 0.2 percent at $29.06 per barrel.

Ticker	Security	Last	Change	Change %
XOM	EXXON MOBIL CORPORATION	34.34	-0.15	-0.43%
CVX	CHEVRON CORP.	66.95	-2.75	-3.94%
CLR	CONTINENTAL RESOURCES	8.71	-0.26	-2.90%

A steepening yield curve lifted bank stocks. The spread between the 2-year yield and 10-year yield widened as the former climbed 3.1 basis points to 0.391 percent and the latter jumped 9 basis points to 0.818 percent.

Ticker	Security	Last	Change	Change %
JPM	JP MORGAN CHASE & CO.	88.42	+0.06	+0.07%
BAC	BANK OF AMERICA CORP.	20.24	-0.20	-0.98%
WFC	WELLS FARGO & COMPANY	26.04	-0.46	-1.74%

Blue-chip tech stocks also traded higher.

Ticker	Security	Last	Change	Change %
TSLA	TESLA INC.	401.25	-43.82	-9.85%
AAPL	APPLE INC.	239.34	-2.87	-1.18%
AMZN	AMAZON.COM INC.	1,691.39	+2.24	+0.13%

In Europe, Britain’s FTSE fell 1.4 percent while Germany’s DAX tumbled 1.3 percent and France’s CAC slipped 0.2 percent.

CLICK HERE TO READ MORE ON FOX BUSINESS

Markets were mixed across Asia with Hong Kong’s Hang Seng adding 0.8 percent, Japan’s Nikkei edging up 0.1 percent and China’s Shanghai Composite slipping 0.3 percent.

Let's block ads! (Why?)

Business - Latest - Google News
March 17, 2020 at 07:46PM
https://ift.tt/2QmT1C6

Stocks battle to recoup losses from steepest drop since 1987 crash - Fox Business
Business - Latest - Google News
https://ift.tt/2Rx7A4Y

Bagikan Berita Ini