Dow Bounces Back, Logs Best Day Since 2009

All three benchmarks turned in wins of 4% or more

Managing Editor
Mar 2, 2020 at 4:36 PM
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Stock bounced back in a big way today, as Wall Street attempted to rectify losses incurred during the worst week since the 2008 financial crisis. The Dow turned in an over 1,2000 point win -- its biggest percentage gain since March 2009 -- and snapped a seven-day losing streak in the process. All three benchmarks notched wins of 4% higher or more. Nevertheless, investors are still unpacking the coronavirus outbreak that has resulted in over 3,000 deaths with more coming from outside of China, while the U.S. now has a total of 91 verified COVID-19 cases.

 

Continue reading for more on today's market, including:

  • This drug stock is breaking out after a COVID-19 vaccine update.
  • Twitter stock was on the rise today amid reports of a CEO switch.
  • Plus, Apple gets analyst upgrade; options volume takes off for 2 airline stocks; and JD.Com bounces back. 

The Dow Jones Industrial Average (DJI - 26,703.32) finished 1,293.96 points, or 5.1% higher for the day. Apple (AAPL) paced the 30 winners with a 9.3% gain, while Walt Disney (DIS) turned in a roughly 2% win at the bottom of the Dow.

The S&P 500 Index (SPX - 3,090.23) gained 136 points, or 4.6%, while the Nasdaq Composite (IXIC - 8,952.17) added 384.8 points, or 4.5%.

The Cboe Volatility Index (VIX - 33.42) shed 6.7%, or 16.7%.

Closing Indexes Summary Mar 02

NYSE NASDAQ RECAP Mar 02

5 Items on Our Radar Today

  1. Chinese tech giant Huawei reportedly shipped prohibited U.S. computer equipment to Iran’s largest mobile-phone operator. The newly obtained packaging lists that show computer equipment made by Hewlett-Packard and destined for the Iranian carrier are evidence that the controversial company directly violated trade sanctions. (Reuters)
  2. Senator and Democratic primary candidate Amy Klobuchar is dropping out of the 2020 presidential race. Despite picking up delegates in New Hampshire, lack of funding and polling momentum stalled her campaign. She is expected to endorse former Vice President Joe Biden. (MarketWatch
  3. Apple shares were upgraded to “outperform,” despite coronavirus concerns.
  4. Puts popped on these two grounded airline stocks
  5. Chinese e-tailer JD.Com hit new highs after earnings today. 

Corporate Earnings March 2

Unusual options activity Mar 02

Data courtesy of Trade-Alert

Oil, Gold Bounce Back

Oil futures saw a rise today after last week's drubbing. More output by from the Organization of the Petroleum Exporting Countries' (OPEC) and potential stimulus from central banks are behind rally today. Crude oil added $1.99, or 4.5%, to trade at $46.75 per barrel, and its biggest daily percentage climb of 2020.

Gold futures also climbed today, up $28.10,or  1.8%, to trade at $1,595.50 per ounce, bouncing back after suffering its largest daily fall in nearly seven years on Friday. The rise comes after growing expectations for new policy from the Fed as well as other central banks in response to the suffering global economy. 

 

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