Posted on 03/24/2020 1:46:24 PM PDT by Red Badger
All eyes are on Congress closing in on a much-needed stimulus bill to rescue the economy from the coronavirus damage. The stock market staged a huge turnaround with the Dow posting its best day since 1933. Here’s what happened: 4:40 pm: Investors says one key piece is missing for a bottom
Many on Wall Street believe absent a clear sign that the coronavirus is contained, rallies like the 10% violent upswing in the Dow Tuesday will come and go. “We’re going to need to have to see the infections pass an inflection point,” said Vincent Reinhart, chief economist at BNY Asset Management. The market has received help from monetary policy and looks on its way to aid from the fiscal side, but market experts see no clear path forward without signs the coronavirus is passing. – Li, Cox 4:39 pm: Stocks hit the hardest by coronavirus sell-off soar
Stocks that have been hit the hardest by the coronavirus outbreak, including cruise lines, airlines, and hotels, all jumped during Tuesday’s trading session as investors hope for a stimulus bill, and as President Trump said he would like to have the economy open again come Easter. Norwegian Cruise Line saw the largest jump, gaining 42%. Royal Caribbean and Carnival Corporation rose 22% and 14%, respectively. When it comes to the airlines American was the outperformer, rising 35.8%. United Airlines gained 25%, while Delta Air Lines jumped 21%. Airline maker Boeing gained 20%.Meanwhile, hotel stocks were also on the move, with Marriott jumping 12.8%, while Hilton gained 9.5%. - Stevens 4:30 pm: Market rally by the numbers
Advancing stocks outpaced Declining stocks 2,788 to 242 or more than 12 to 1 on the NYSE
Dow closed up 11.37% for its best day since March 15, 1933 Dow had biggest point gain ever of 2,112.98 Dow is 30.9% below its intraday all-time high of 29,568.57 from Feb. 12
S&P closed up 9.38% for its best day since Oct 28, 2008 S&P had the second biggest point gain ever gaining 209.93 points S&P is 27.88% below its intraday all-time high of 3,393.52 from Feb.19
NASDAQ closed up 8.12% for its best day since March 13 NASDAQ is 24.6% from its intraday all-time high of 9,838.37 from Feb. 19
Gold (APR) settled up 5.95% at 1,660.8 for its best day since March 19, 2009 when gold gained 7.84%, hitting a high today of 1,698 its highest level since Mar 9th when gold traded as high as 1,704.3 Month to date: Gold is up 6.01% Year to date: Gold is up 9.04% — Francolla
Big deal its had its largest tumble in possibly as many.
Not an analyst
The Democrat disciples of deceit are not happy.
“Big deal”
Someone tinkle in your cereal this morning, bro?
Yep, it is a big deal after what’s been happening.
“No big deal”, unless your a day trader its doesnt matter at this time
One day is just more data for the volatility statistics.
Will the bump last, and continue in the days following? I sure hope so.
3 more days like this and it’ll all be restored................
“The Democrat disciples of deceit are not happy.”
Some of them can console themselves in the profits made from shorting the market, investing in video conferencing companies, and whatever other pork comes out of the relief package. Win-win for them.
Doesn’t work like that.
I love it.
It may take a few days, or even weeks, but come back it will............
Wonder if it’s mainly due to stimulus hopes or the fact that Trump is strongly signaling that he wants to see lockdown mode ended sooner rather than later.
Yeah, the Bottom Feeders will take their profits and run back under their rocks................
Bad news those who hate our country, our president and us,his supporters and voters.
And tomorrow? ... biggest plunge in the market in 80 years!
If the stimulus gets passed, and Trump signs it, the sky’s the limit!.......................
I’d like to say it was a great day to be an investor. But it wasn’t, really. It was more of a breather.
No one knows if its the bottom, or a violent bear market rally, as many of them are.
Yes, the 2 Trillion will stimulate the bejeezus out of the economy and flow to asset prices, but on the other hand, the economy is contracting like crazy, but hopefully only for a quarter or so.
That’s why investors make...or lose... the big bux.
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