Stocks Pivot Lower, Wrap Up Worst Week Since 2008
The Dow explored an over 1,300-point range today
Stocks ended the week sharply lowertoday, erasing modest gains from the morning as investors conclude a week of volatile training amid quadruple witching. The Dow explored an over 1,400 point range today, as investors everywhere are shaken by the coronavirus spread, with New York governor Andrew Cuomo ordering all nonessential businesses to close as the COVID-19 pathogen spreads. The S&P 500 and Nasdaq also closed in the red, and all three benchmarks turned in their worst weekly loss since the 2008 financial crisis.
Continue reading for more on today's market, including:
Cardinal Health stock earned a double-upgrade.Lululemon stock rose despite sector struggles.Plus, Apple limits iPhone purchases; GME's surprising rally; and a cybersecurity company with a post-earnings comeback.
The Dow Jones Industrial Average (DJI - 19,173.98) finished 913.2 points, or 4.5%, lower for the day. Travelers (TRV) paced the three winners with a 4% gain, while Walt Disney (DIS) led the 27 laggards with a 9.4% drop. For the week, the Dow shed 17.3%.
The S&P 500 Index (SPX - 2,304.92) lost 104.5 points, or 4.3%,while the Nasdaq Composite (IXIC - 6,879.52) shed 271.1 points, or 3.8%. The S&P 500 lost 14.9% on the week, while the Nasdaq turned in a weekly loss of 12.7%.
The Cboe Volatility Index (VIX - 66) lost 6 point, or 8.3%. It gained 14.2% for the week.
5 Items on Our Radar Today
The Fed announced it will take steps with five major central banks to enhance the dollar swap lines to make dollars available to foreign institutions. (MarketWatch)Mike Bloomberg will transfer $18 million to the Democratic National Committee to aid the party and likely presidential candidate Joe Biden in the upcoming election. (CNBC)Apple has now limited iPhone purchases to two per customer.GameStop stock took a breather after a downgrade.This cybersecurity company made a post-earnings comeback.
Oil Logs Worst Week Since 1991
Oil collapsed today, as concerns arise amid the decline in global crude demand. Also weighing on black gold was a drop in U.S. active rigs, according to the Baker Hughes rig count. April-dated crude fell $2.69, or 10.7%, to settle at $22.53 per barrel. For the week, oil lost 29%, its worst on record since 1991.
Gold futures gained $5.30, or 0.3%, to settle at $1,484.60 per ounce. Safe-haven asset appeal offset a rush for cash amid fears over the coronavirus pandemic, but gold logged a second straight weekly drop -- 2.1% -- after investors sold bullion to meet margin calls in other assets.