Stocks, Oil See Catastrophic Losses
It was oil's worst single-session drop since 1991
The Dow cratered today by more than 2,000 points, as Wall Street continues to slog through one of the worst stock market crashes in history. The blue-chip index just turned in its worst day since October 2008 as plummeting oil prices and coronavirus concerns form a perfect storm of investor panic.
The S&P 500 and Nasdaq also were walloped and turned in their worst days since December 2008, kicked off by a 15-minute trading halt this morning before the market reopened shortly before 10 a.m. Wall Street's "fear gauge," the Cboe Volatility Index, logged its fifth straight win and highest close since December 2008.
Continue reading for more on today's market, including:
This oil stock bucked the broad market crash.Amazon.com stock fell despite a new business opportunity.Plus, TWTR tackled "fake" campaign video; cruise stocks fall amid coronavirus outbreak; and Costco pulled free samples to protect consumers.The Dow Jones Industrial Average (DJI - 23,851.02) finished 2,013.76 points, or 7.8% lower for the day. Walmart(WMT) shed the least on the Dow with a 0.1% drop. Dow Inc (DOW) paced the blue-chips with a 21.7% loss.
The S&P 500 Index (SPX - 2,746.56) shed 225.8 points, or 7.6%,while the Nasdaq Composite (IXIC - 7,950.68) lost 624.9 points, or 7.3%.
The Cboe Volatility Index (VIX - 54.46) added 12.5%, or 29.9%.
5 Items on Our Radar Today
The World Health Organization (WHO) has warned that that COVID-19 is quickly approaching pandemic status. On a conference call to reporters, Director-General Dr. Tedros Adhanom Ghebreyesus called the threat of such a status is "very real," despite rising recovery cases in China. (CNBC)A recent report argued that despite the sharp market decline that taken place over the last couple weeks in the face of the coronavirus outbreak, homeowners may not have to worry about the values of homes falling in line with the stock market. (MarketWatch)Twitter stock is in the red despite a debunked Trump video and $1 billion deal.Two major cruise line stocks suffered as the COVID-19 outbreak intensifies.Costco pulled free samples to protect consumers.
Data courtesy of Trade-Alert
Oil Logs Worst Day Since 1991
Oil prices face-planted to four-year lows as the ongoing price struggles between Russia and Saudi Arabia continued to escalate. April-dated crudefinished down $10.15, or 24.6% to trade at $31.13 per barrel. It was black gold's biggest one-day drop since 1991.
Fresh off their best week since 2011, gold futures saw slight gains today. April-dated gold futures added $3.30, or 0.2% to finish at $1,670.40 per ounce.