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
That’s too bad.....we have done over 80 and it’s the BEST way to travel Especially if you come down with something since there’s dr.s and nurses on board! Plus, they treat you like royalty.
Advances in technology will fuel the market by increasing productivity of the workforce. It effects most sectors. I think.
maybe get a dead cat bounce right now, then back to declines?
>>>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
“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%.”
That would seem to indicate a the jump was a result of stimulus/bailout expectations rather than a return to normalcy.
I had a teacher named Linda Tripp. I was her nemesis. 8>)
The phenomenon is called “squeezing the shorts”
Up, up and away!
we might even have a temporary rally, but I expect that the market will head back down when the true damage to the economy comes in. We had a huge asset bubble that just got popped, and it’s going to be tough to reinflate it.
both
Well, you call them bottom feeders, but they do clean up the shit. They buy and sell in an environment of risk that will make your hair curl, but they provide an essential function
to the mnarket
It cant possibly be the bottom. there are 2 months of horrible numbers coming, and the rest of the world is way worse off than us. it not like we cured the virus or anything yet.
It’s just liquidity to allow the market to crash instead of freeze. We can come back from a crash a lot easier than a freeze.
I think its early for the bottom, too. As you say, there’s plenty of bad data to be complied and published. OTOH, the market looks ahead, they say.
They do look ahead and it looks like crap for the next few months.
+10% is just recovering -6% of the drop.
dDay by Day daily #s are kr@p.
Might keep us out of an actual depressions - so it really is a big deal....wipe the drool from your chin, son.
Last time I did that I got slapped.....................
True, every ecosystem has to have its scavengers...............
Dow’s up 480 so far today...
Probably won’t be that easy but we ARE up 480 so far today...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.