Stocks, Oil Rally Back From Historic Losses

The Dow pared half of yesterday's ugly losses today

Deputy Editor
Mar 10, 2020 at 4:35 PM
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After a disastrous Monday, the Dow turned in an over 1,000-point rally today, as Wall Street recouped some of the historical losses suffered in the previous session. It was an incredibly volatile session, with the blue-chip index trading as much as 160 points lower at its session lows, only to furiously push higher in last-minute trading. The S&P 500 and Nasdaq both roared higher as well, with investors hopeful a fiscal stimulus package proposed by the Trump administration will balance the market back out very soon.

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

  • A Japanese pharma stock dropped despite a positive COVID-19 vaccine update.
  • It’s time to buy this gold stock.
  • Plus, a sporting retailer nabs post-earnings gains; an e-tail stock at a new bottom; and Southwest Airlines’ CEO made a surprising move.

The Dow Jones Industrial Average (DJI - 25,018.16) finished 1,167.1 points, or 4.9% higher for the day. Apple (AAPL) led the Dow with a 4.3% gain. Boeing led the seven laggards with a 2.8% loss.

The S&P 500 Index (SPX - 2,882.23) added 225.8 points, or 4.9%, while the Nasdaq Composite (IXIC - 8,344.25) gained 393.6 points, or 4.9%.

The Cboe Volatility Index (VIX - 47.30) shed 7.2 point, or 13.2%.

Closing Summary Indexes Mar 10

NYSE NASDAQ Mar 10

5 ITEMS ON OUR RADAR TODAY

  1. After a series of decisive victories during the Super Tuesday primaries last week, Democratic presidential candidate Joe Biden more than tripled the amount of money his campaign is spending on Facebook ads. The ads are focusing on the likes of Michigan, Mississippi, and Missouri, whose primaries are today. (CNBC)
  2. As the coronavirus dominates headlines, the Center for Disease Control (CDC) has urged it’s important for older people -- the demographic most at risk to developing complications to COVID-19 -- to stock up on food and keep away from large crowds as much as possible. (MarketWatch)
  3. Dick’s Sporting Goods came up big with its earnings report.
  4. See why this e-tail stock hit a record low today.
  5. While the flight sector continues to hurt, Southwest Airlines’ CEO took a pay cut.

Earnings Mar 10

Unusual options Mar 10

Data courtesy of Trade-Alert

Oil Bounces Back, Gold Take a Dip

April-dated crude surged today, closing up $3.23, or 10.4%, to trade at $34.36 per barrel, one day after experiencing their sharpest decline since 1991. This jump comes after reports that negotiations between the Organization of the Petroleum Exporting Countries (OPEC) and its allies remain possible. There is a rumored meeting with Russian oil companies on Wednesday. 

Gold futures slid slightly, as bond yields and U.S. equities bounce back from yesterday's ugly session. Gold for April delivery lost $15.40, or 0.9%, to finish at $1,660.30 an ounce. 

 

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