Business
US stocks plummet in volatile trading as oil plunges
KEY POINTS
- Crude futures fell below $ 20
- Treasury yields plunge
- Dow now below the level at the inauguration of Rump
US stocks fell on Friday as concerns over the economic impact of the coronavirus epidemic weighed heavily on investors. Oil futures fell below $ 20 a barrel.
The Dow Jones Industrial Average fell 913.21 points to 19,173.98, while the S&P 500 lost 104.47 points to 2,304.92 and the Nasdaq Composite Index lost 271.06 points to 6,879.52 .
For the week, the Dow Jones plunged 17.3%.
The Dow has now returned all of its gains since the inauguration of President Donald Trumps. On January 19, 2017, the day before Trump took office, the Dow closed in 19804,72
The volume of the New York Stock Exchange totaled 7.22 billion shares, 1,313 issues increasing, one establishing a new high and 1,714 bearish, with 281 establishing new lows.
The active movers were led by Bank of America (BAC), Ford Motor (F) and Apple Inc. (AAPL).
The Federal Reserve has announced that it will expand its asset purchase program to include municipal money market funds.
Senate Republicans have unveiled a coronavirus rescue bill that would provide $ 50 billion to the U.S. airline industry, $ 8 billion to cargo air carriers, and $ 150 billion to other distressed industries. The bill would also cap executive compensation for two years.
The US Treasury has extended the filing period for federal taxpayers until July 15 from April 15.
New York State has ordered all non-essential workers to stay at home.
Volatility, there’s no reason to think it is dissipating, said JJ Kinahan, chief market strategist at TD Ameritrade. What you really want to see is that the market is establishing trading ranges. Right now, I don’t think anyone can say there is specific support or resistance, because the movements have been so important.
The markets are trading more on emotion than on actual data, said Sal Bruno, director of investments at IndexIQ. This is what causes volatility. We have seen assets trade, really without good reason, but simply because they fear. When we look back, let’s see how many of these exchanges were based on information and how many were exchanges based on emotions.
California governor Gavin Newson on Thursday evening ordered residents of all states to stay home to slow the spread of the virus.
Market volatility will persist until fiscal or monetary government provides a safety net for stressed businesses and small and medium-sized businesses, said New York Life Investment economist and multi-asset portfolio strategist Lauren Goodwin. Support for these functions is vital to ensure that the economic disruption of covid-19, although serious, is temporary.
Overnight in Asia, the markets were mixed. The Chinese Composite in Shanghai rose 1.61%, while the Hang Seng in Hong Kong jumped 5.05% and the Japanese Nikkei-225 fell 1.04%.
In Europe, markets closed higher, the Britains FTSE-100 having gained 1%, the Frances CAC-40 jumped 5.39% and the German DAX by 4.33%.
Crude oil futures fell 21.33% to $ 19.84 a barrel, Brent crude gained 2.11% to $ 27.55. Gold futures gained 0.87%.
The euro slipped 0.25% to $ 1.0666 while the pound rose 0.81% to $ 1.578.
The 10-year Treasury yield fell from 16.18% to 0.938% while the 30-year Treasury yield fell from 10.57% to 1.556%.
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