Oil and gold are plummeting as well
Another day, another disaster on Wall Street. The Dow fell by 2,352 points, it's largest one-day plunge since 1987. The S&P 500 and Nasdaq joined the Dow in bear market territory, with all three benchmarks finishing 9% lower or more. After another circuit breaker this morning, stocks pared some losses around midday after the Fed announced an increase temporary liquidity for fund operations to $1.5 trillion. However, markets promptly resumed their slide, amid continued discouragement with the lack of specific response measures from the Trump Administration.
Continue reading for more on today's market, including:
- This Apple supplier is gearing up for earnings tonight.
- Ulta Beauty stock hit a four-year low today, ahead of its own earnings report.
- Plus, Boeing stays grounded; CME Group closed offices; and, Party City stock falls to pennies.
The Dow Jones Industrial Average (DJI - 21,200.62) finished 2,352.60 points, or 10% lower for the day. All 30 Dow stocks closed in the red, but UnitedHealth (UNH) fared the best with a 0.3% dip. Boeing (BA) plunged by 18.8%, the worst blue-chip by far.
The S&P 500 Index (SPX - 2,480.64) shed 260.7 points, or 9.5%, while the Nasdaq Composite (IXIC - 7,201.80) lost 750.3 points, or 4.7%.
The Cboe Volatility Index (VIX - 75.47) added 21.6 point, or 40%.
5 ITEMS ON OUR RADAR TODAY
- The major NCAA conferences have cancelled postseason basketball tournaments amid fears of the spreading coronavirus. While the quarterfinal of the Big East tournament was at halftime break, the league decided to cancel the entire event. The NBA and NHL also suspended their seasons indefinitely. (USA Today)
- While the U.S. continues to monitor the spread of the coronavirus within the border, a military response was issued in Iraq. President Donald Trump authorized the response after a rocket attack carried out by an Iran-backed militia killed to American Troops and one British service member. (Reuters)
- Boeing took a major hit after pulling out of a billion-dollar loan.
- Office closures weighed on CME Group stock.
- Party City stock hit at new lows after earnings, C-suite shakeup.
Data courtesy of Trade-Alert
Oil and Gold Join the Free-fall
Oil prices took a hit today in the wake of President Trump's travel restrictions from Europe to the U.S .April-dated crude dropped $1.48, or 4.5%, to trade at $31.50 per barrel.
Gold also saw another slide today April-dated gold futures were last seen down $52 dollars, or 2.4%, trading at $1,590.30. This drop comes after the travel ban on Europe sent investors running to liquidate assets across the board.