Stocks Stumble into Worst Week Since Financial Crisis
Fed Chair Powell noted the central bank will take action if needed
In a historic week for the market, stocks once again found no footing amid worries over the coronavirus and its global economic impact. The blue-chip index briefly breached the 25,000 level and found itself more than 1,000 points in the hole at its session lows. This seventh straight loss for the Dow caps off a 3,583.26-point loss in the last five days -- its worst weeksince the 2008 financial crisis.
U.S. equities slightly trimmed their losses -- and the Nasdaq even finished marginally higher -- after Fed Chair Jerome Powell noted the central bank would "act as appropriate" to combat the freefall. But in the end, the S&P 500 and Nasdaq still turned in their worst week since October 2008. And as expected, the Cboe Volatility Indexnabbed its best weekly percentage gain of all time.
Continue reading for more on today's market, including:
This drug stock surged today amid a COVID-19 treatment development.See why Wayfair stock hit a three-year low today.Plus, a primer on cover stories; ETSY defies broad market; and Medtronic options activity.The Dow Jones Industrial Average (DJI - 25,409.36) finished 357.28 points, or 1.4% lower for the day. Exxon Mobil (XOM) paced the seven winners with a 3.3% gain, while Boeing (BA) led the 23 losers with a 4.4% fall. For the week, the Dow fell 12.4%, and 10.1% for the month.
The S&P 500 Index (SPX - 2,954.22) shed 24.5 points, or 0.8%,while the Nasdaq Composite (IXIC - 8,567.37) added 0.9 points. The S&P lost 11.6% for the week and 8.5% for the month. The Nasdaq ended with a weekly loss of 10.6%, and a monthly deficit of 6.4%.
The Cboe Volatility Index (VIX - 40.11) gained 0.9 points, or 2.4%.
5 Items on Our Radar Today
The U.S Treasury yields hit new lows today as well. Coronavirus panic has pushed the already careening 10-year Treasurynote is trading at 1.11%, levels not seen for since the 1960s. (CNBC)Looking back on the nightmarish week on Wall Street, very few stocks were spared. There are only seven stocks in the S&P 500 that have risen while the rest of the market has fought the dive. Most of them come from the biotech sector. (MarketWatch)Here's how to process cover stories and big public news.A big corporate report helped Etsy stock weather the sell-off.Options traders are flocking to Medtronic stock with a bullish slant.
Data courtesy of Trade-Alert
Oil's Worst Week Since 2008, Gold's Worst Single-Day Drop Since 2013
Oil futures turned in their second month of losses as COVID-19 continues to hound the market, sinking to their lowest point in over a year. April-dated crude fell $2.33, or around 5%, to settle at $44.76. For the week, black gold turned in its worst weekly drop since December 2008.
Gold futures finished shockingly low amid frenzied selling of the safe-haven asset. Gold for April delivery dropped 4.6%, or $75.80, to settle at $1,566.70 an ounce. That's the biggest one-day percentage loss since June 2013. For the week and month, gold shed 5% and 1%, respectively.