Stocks Tank as VIX Notches Highest Close in 4 Years
All three indexes tanked by of 3% or more
Stocks took a massive hit Thursday, unable to capitalize on yesterday's furious Super Tuesday rally. Wall Street continues to be gripped by coronavirus fears, as countries around the world extend quarantine and travel restrictions. The Dow lost over 969 points by the close, erasing nearly all of yesterday'sgains. The S&P 500 and Nasdaq Composite took massive hits as well, with all three indexes logging losses of 3% or more. Elsewhere, the 10-year Treasury yield fell to a new all-time low of 0.9%, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), notched its highest close since August 2015.
Continue reading for more on today's market, including:
Options bulls eye more upside for this online healthcare platform.See why Burlington stock bucked the broad market sell-off today.Plus, a real estate stock to watch; AEO can't capitalize on earnings beat; and Virgin Galactic stock extends pullback.The Dow Jones Industrial Average (DJI - 25,121.28) finished 969.6 points, or 3.6% lower for the day. Walgreens Boots Alliance (WBA) was the Dow's only winner, adding 0.2%. United Technologies paced the 29 losers with a 9.1% drop.
The S&P 500 Index (SPX - 3,023.94) shed 106.2 points, or 3.4%,while the Nasdaq Composite (IXIC - 8,738.60) lost 279.5 points, or 3.1%.
The Cboe Volatility Index (VIX - 39.62) added 7.6%, or 23.9%.
5 Items on Our Radar Today
Amid the coronavirus fears, the U.S. labor market appears strong. Weekly jobless claims fell last week to a seasonally adjusted 216,000. While this was slightly more than the 215,000 fall estimated by analysts, the data underscores a stable labor market. (CNBC)Senator Elizabeth Warren announced that she will be dropping out of the Democratic presidential race in the wake of lackluster Super Tuesday primary results. It's now become a two-way race for the candidacy between former Vice President Joe Biden and Senator Bernie Sanders. (CNBC)Real estate stock Zillow is showing promise.American Eagle stock fell today despite an earnings beat.This red-hot space-exploration stock took a breather today.
Data courtesy of Trade-Alert
Oil, Gold Log Small Changes
Oil futures saw another dip today. This comes after the Organization of the Petroleum Exporting Countries (OPEC) recommended an extension of production cuts for its allies. A final decision is expected tomorrow. April-dated crude fell 88 cents, or 1.9% to trade at $45.90 per barrel.
Gold futures rallied today in the face of struggling U.S. dollar. Gold added $25, or 1.5% to trade at $1,668 per ounce, it's highest settlement in over a week.