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
This is a good day to sell and get some cash if you don’t have a year’s worth of cash already on hand.
I think it’s the prospect of everyone returning to work, without question. God knows how long it will be for the money to ‘trickle down’ from DC.
until 1st quarter results come in which are going to suck and feed the flat lining or worse
I mean, who knows exactly HOW it works at this point?
All we really know is that at some point, we’ll be able to determine the actual value of companies again, as the situation stabilizes. Then we’ll be able to make some relatively good predictions of forward earnings for companies, and then the market will move to appropriately price companies.
I can’t imagine why anybody would look at a stimulus package, and think it is time to buy an airline or a cruise line stock. Nobody is taking a cruise until we have a really good treatment or a vaccine, and even then, I think some people are scared off.
On the other hand, there are hundreds of companies that just rode down with the world, and they are probably undervalued by the market at this point.
My guess is it drops big on the day the stimulus is signed (buy rumor, sell news). It’s not like the stimulus package is the best way to fix the economy at this point, it’s just money.
My hopes for 1 maybe2 quarters(could see 3) in the crapper to bag some bargains and reinvest at the basement prices.
The pigs are at the trough
“President Trump said he would like to have the economy open again come Easter.”
Wouldn’t it be something if we get a “resurrection” at Easter? Something like a report that a vaccine has proven successful.
The leftists would have to be put on suicide watch.
Happy days are here again!
The good news is that the rally is also with extreme volume. Lots of buyers today. We'll see if it holds up.
Today was a great day to unload some stocks.
We are nowhere near the bottom here.
Mine too. I’ve kept reserves for that. It’s hard to guess whether today is the day, or to wait for some bumbling and fumbling to better define a bottom. In the heat of the moment it can be hard to distinguish bargains from falling knives.
My broker has started dividing the stocks as black or red.
Major holding for me is the total Stk index.
I will DCA in at these bottoms
Missed the action today sadly. Not quite THAT brave but could have made some quick 10% moves. I think this might be it. This might be the bottom. Trump will have the USA recovering in no time. As for the rest of the world, not so much.
What’s your insight? Why is now too soon?
My husband and I have never gone a cruise and never will especially after Corona.
The situation with the economy is going to get far worse before it gets better.
Most of the investors and talking heads on Wall Street have never been through anything like this in the past.
Oh I know it will, eventually. My thoughts were about whether this is the beginning of the stock market resurgence, or will the roller coaster with the long downhill run continue.
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