Stock Market Update Wednesday, March 18th, 2020
It was another tough day for the markets.
But on a positive note, the major indices “ONLY” lost 4-6%.
Things were ugly from the get go, with index futures going limit down overnight (halting after a 5.0% drop).
The S&P was down around 5% at the open, but quickly rallied 2% after news that the U.S. Senate had enough votes to pass a coronavirus relief plan.
But it was all downhill after hitting session highs just after 10:00am ET this morning.
Another circuit breaker was hit in the afternoon, after the major indices were down 7%. It was the 4th circuit breaker hit in a week.
Stocks made a bit of a comeback in the last 90 minutes of trading. And although stocks finished well off of their lows (S&P down 9.8% at one point), the major indices made and closed at new coronavirus lows.
Here’s where the major indices ended the day:
- The S&P finished with a 5.2% loss. Down 131 points, the S&P ended at 2,398.
- The DOW ended 6.3% lower. Dropping 1,338 points the DOW closed at 19,899.
- The NASDAQ was down 4.0%. With a 290 point loss, the NASDAQ finished at 7,039.
Crude Oil (CL) had its 3rd worst day on record, sinking to an 18 year low. Down 24%, Crude Oil finished the day at $20.40 a barrel!!! Simply put, Oil is suffering a catastrophic meltdown, down 66.8% this year.
The devastating losses in the hotel industry continued today.
Marriott International (MAR) was down 15.2%, Hilton Worldwide lost 25.6% and Hyatt Hotels (H) dropped another 19.0%.
And Gold (GC) was a loser again, down 3.2% at $1477.80 an ounce.
A lot of Gold’s drop has to do with a strong dollar (gold usually drops with a strong dollar and rises with a weaker one). The US Dollar Index (DX) is trading at levels not seen since 2003 and was up 1.4% today. But the drop is also a result of investors wanting cash with the market uncertainty, instead of commodities, stocks, and other assets.
After the bell, the Senate passed a House bill that provides unemployment and sick leave. But after hours futures are slightly lower.
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.