Stock Market Update Friday, March 13th, 2020
Yesterday, stocks saw their biggest drop since 1987. And today, stocks had their biggest rally since 2008!
Index futures went limit up in overnight trading with a 5% rally.
But after U.S. markets opened strong, stocks drifted lower for the first 3 hours of the day.
Approaching yesterday’s close, the DOW gave up 5% of today’s early gains.
Finding lows around 12pm ET, the major indices rallied again.
Then major indices were up big in the last 30 minutes of the day after President Trump declared a state of emergency. The declaration will make $50 billion in financial assistance available. Trump also announced that 50,000 new coronavirus test kits will be available net week.
The DOW jumped almost 5% after Trump’s comments. And with today’s gains the DOW finished lower by JUST 10.4% this week. :/
Here’s where the major indices ended the day:
- The S&P finished with a 9.3% gain. Up 230 points, the S&P ended at 2,711.
- The DOW ended higher by 9.4%. Adding 1,985 points the DOW closed at 23,186.
- The NASDAQ was up 9.4%. With a 679 point gain, the NASDAQ finished at 7,875.
Crude Oil (CL) joined stocks with a win today. Up 4.5%, Crude Oil finished the day at $32.93 a barrel. But Crude Oil ended the week with a loss of 20.2%.
Today’s rally was also helped out by new stimulus.
The Fed said they will be treasuries and President Trump asked the Energy Department to help boost crude oil prices by purchasing oil for the U.S. strategic reserve.
Apple (AAPL) was a big mover, up 10%.
A few other winners in the S&P 500 were Etrade (ETFC) up 15.2%, and Norweigan Cruise Line (NCLH) up 15.0%.
On the other hand, Gold (GC) was hammered today. Gold lost 4.5% and finished at lows of the year.
And the VIX (aka “Fear Index”) dropped 23.4%.
Are we out of the woods yet? Hardly
There are more than 135,000 cases of COVID-19 and there have been approximately 5,000 deaths around the world.
The economic impact of the virus is anyone’s guess, but it’s going to be bad. And even if the markets bounced back a little today. The wild ride is almost certainly going to continue…hang on tight!
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.