Tag: DOW (INDEX:DJI)

Crude oil is trading below $20 after plunging over -23% on the final day of trading this week. In early trading, crude oil had been up trading higher, hitting a high of $27.89 before plummeting into the close. The reason for the plunge, social distancing, and border closings due to the coronavirus.

The coronavirus pandemic is demolishing crude oil demand in the United States as authorities encourage people to stay home and work from home while also discouraging domestic travel. Adding to that mandate is the closing of the U.S. - Canada, and U.S. - Mexico borders. Demand by the major economies in Europe, ranging from Italy, Spain, and France, are locked-down and unable to travel within their own countries and have advisories against traveling elsewhere. Continue reading "Crude Oil Plunges -23%" →

After posting the worst single day since 1987, the stock market bounced back with the best single day since 2008. Stocks ended the week with a furious and aggressive move higher into the close Friday with the DOW gaining 1,985 points or +9.3%. The S&P 500 and NASDAQ also surged +9.3% for the day.

However, that move higher did little to erase the weekly losses with the DOW closing down -10.3%, S&P 500 -8.7%, and the NASDAQ losing just over -8%. Why the extreme move in the final 30 minutes of trading? President Trump's news conference.

Speaking from the Rose Garden, Trump said, "To unleash the full power of the federal government, I am officially declaring a national emergency." Referring to that as "two very big words," he said it would allow him to quickly get $50 billion to states, territories and localities "in our shared fight against this disease."

With Dr. Anthony Fauci, Vice President Mike Pence, Health and Human Services Secretary Alex Azar and other members of his coronavirus task force members standing behind him, Trump said, "No resource will be spared - nothing whatsoever." Continue reading "Stocks Surge To Close Out The Week" →

Once again, the market opened lowered on the day, extending the losses from Thursday's session. However, we did have two days of +4% gains by the market, but that has been offset by three days of losses. And even though the losses feel like they added up this week, we are, in fact, relatively level on the week as far as the indexes are concerned.

The DOW fell 533 points, or -2.1%, cutting some of its morning losses. It had been down as much as 894 points at one point in the session. The S&P 500 and the NASDAQ also pared losses slightly, last down -2.5% and -2.6%, on the day, respectively.

However, if you take a look at the weekly levels, the DOW is clinging to a weekly gain of +.5% while the S%P 500 is down -.3%. The NASDAQ is feeling the most pain in the week, losing roughly -.8% as we head into afternoon trading. Continue reading "Turbulent Week Comes To An End" →

Trading on Friday opened much like it had the rest of the week, down. And that was really no surprise as fears over the coronavirus, and its impact on the economy continue to scare investors. As we head into the close on Friday, stocks will have their worst week since the 2008 financial crisis.

The DOW was down more than 600 points after plunging 1,000 points in morning trading and down -2% on the day. The S&P 500 fell -1.5%, while the NASDAQ fell -0.7% after sinking more than -3% earlier.

So what does the worst week since the financial crisis look like? Continue reading "Stocks Have Worst Week Since Financial Crisis" →

We headed into Friday afternoon off the lows of the session but still down for the shortened trading week after coronavirus cases escalated, which in turn has the stock market worried about a pronounced global economic slowdown. China's National Health Commission reported more than 2,000 deaths in the mainland, with 75,00 confirmed cases. That news is a jump of 800 new cases overnight. South Korea also said 52 new cases on Thursday, making its total cases 150.

All three major indexes will end the week in negative territory with the S&P 500 losing roughly -1%, the DOW is down -1.3%, and the NASDAQ is sitting right below the -1% mark at -.98%.

Adding to the economic worries were falling existing home sales and a less than stellar IHS Markit U.S. composite purchasing managers' index (PMI) report. Continue reading "Stocks Fall As Coronavirus Cases Escalate" →