Stocks down AGAIN, erasing Trump’s gains since becoming President…

Share this article with friends!
  • 4

Stock Market Update Friday, March 20th, 2020

Boeing Stock Analysis after the crashThings looked good early on today, with the major indices all higher across the board.

The E-Mini S&P was up almost 4.5% overnight, then retreated and opened with small gains. But after the opening bell stocks rallied again.

By late morning, the S&P was up almost 2.0%. However stocks pulled back during lunch.

Then in the afternoon things got ugly.

About 90 minutes before the close stocks started to drop and never looked back.

The slide left stocks at session lows with the major indices down 3.8% – 4.6% across the board.

Stocks are losing because traders are worried about the recession. And simply put, there’s a lot more negative news than positive news fueling this market sell off.

Just a few developments since yesterday’s close:

  • California issues a “shelter in place” for the entire state.
  • The state of New York issued a stay at home order, with New York City having 1/3 of all U.S. COVID-19 cases.
  • And there were reports that Illinois will issue a shelter in place as well.
  • The U.K.’s Prime Minister tells cafes, pubs, bars, and restaurants to close.
  • 14,000 cases of COVID-19 are confirmed in the U.S. and the World Health Organization says that health care systems are “collapsing” around the world.

With today’s 913 point drop the DOW finished with its worst week since 2008.

And with this week’s losses ALL of the gains since President Trump have been erased. At one point stocks were up 49% from Trump’s Inauguration Day to the DOW’s peak on February 12th.

Here’s where the major indices ended the day:

  • The S&P finished with a 4.3% loss. Down 104 points, the S&P ended at 2,305.
  • The DOW ended lower down 4.6%. Dropping 913 points the DOW closed at 19,174.
  • The NASDAQ was down 3.8%. With a 271 point loss, the NASDAQ finished at 6,880.

Crude Oil (CL) was down again, dropping for the 4th day this week. With an 11.7% loss, Crude Oil finished at $22.89 a barrel.

To say its been a wild week is understatement.

But here’s some data to back this up…

The S&P has seen a record NINE days in a row with swings of 4% or more by the end of the day.

And right now the DOW is setting up for its WORST monthly drop since 1931. 

3M (MMM) and Disney (DIS) were both big losers in the DOW today. MMM lost 9.2% and DIS suffered a 9.4% loss.

But airlines bounced back in spite of today’s losses.

United Airlines (AAL) was up 15.1% and American Airlines (AAL) was higher by 0.9%. And Southwest (LUV) saw some love, finishing the day with a 3.5% gain.

Here is the economic calendar for the week:

Real Time Economic Calendar provided by

This Stock Market Update was provided by Rockwell Trading Services LLC.

Share this article with friends!
  • 4

Leave a Reply 0 comments