Dow Sprints to Finish Line, Logs Best Day Since 2008
Oil and gold also logged brutally sharp weekly losses
The Dow finished an ugly week on a high note, as Wall Street recouped some of the historic losses it suffered in the last five days. The blue-chip index posted its best percentage gain since October 2008, adding huge last-minute gains after a news conference from President Donald Trump, who declared the coronavirus outbreak a national emergency and announced that 50,000 new coronavirus tests will reportedly be available next week. The S&P 500 and Nasdaq both joined the Dow with gains of 9% or more, but all three benchmarks still logged extensive weekly losses.
Continue reading for more on today's market, including:
This cloud specialist rose due to "minimal impact" from COVID-19.Comcast stock saw gains after closing its Californiapark.Plus, Disney closes its parks too; a General Mills earnings preview; and breaking down a huge XLF options trade.The Dow Jones Industrial Average (DJI - 23,185.62) finished 1,985 points, or 9.4% higher for the day. All 30 Dow stocks closed in the black, but Intel (INTC) fared the best with a 19.5% dip. Nike (NKE) finished up 1.9% at the bottom of the Dow. For the week, the Dow shed 10.4%.
The S&P 500 Index (SPX - 2,711.02) added 230.4 points, or 9.3%,while the Nasdaq Composite (IXIC - 7,874.23) tacked on 672.4 points, or 9.3%. The S&P 500 shed 8.9% for the week, while the Nasdaq posted a weekly loss of 9.1%.
The Cboe Volatility Index (VIX - 57.83) shed 17.6 point, or 23.4%. It finished the week up 37.9%.
5 ITEMS ON OUR RADAR TODAY
In what was supposed to be a busy spring housing market, mortgage rates surged after they fell to a record low just two week ago. Notably, the average rate on the 30-year fixed fell to 3.13% on March 2, but is now back up to 3.65%. (CNBC)Cybersecurity experts warned that cybercriminals are using the coronavirus as leverage to steal information. COVID-19-themed domain registrations are up 50%, most likely coming from suspicious accounts.(MarketWatch)Walt Disney announced it will close all of its resorts.Puts pop ahead of General Mills' corporate report.One options trader sees more struggles ahead for XLF.
Data courtesy of Trade-Alert
Oil, Gold Log Worst Weeks in Years
Oil inched higher today, but gains were held in check amid the Saudi-Russian price war. April-dated crude rose 23 cents, or 0.7%, to trade at $31.73 per barrel. Black gold posted a 23% loss for the week, its worst weekly loss since the December 2008.
Gold fell today for the fourth straight day, after the wider market selloff forced investors to sell to cover margin calls. April-dated gold futures closed down $73.60, or 4.6%, to trade at $1,516.70. For the week, gold shed 9.3%, its worst percentage decline since September 2011.