Dow in Bear Market Territory as COVID-19 Declared Pandemic

All three benchmarks were in bear market territory at one point today

Deputy Editor
Mar 11, 2020 at 4:29 PM
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It was another bloodbath on Wall Street today. The Dow, S&P 500, and Nasdaq all fell by 4.5% or more, with the blue-chip index closing in bear market territory. The latter two indexes briefly dipped into bear market territory, but ultimately did not close there. The global economy continues to struggle in the face of the spreading coronavirus outbreak, especially after the World Health Organization (WHO) declared COVID-19 "pandemic" status earlier today. Meanwhile, promises of fiscal stimulus measures from the Trump Administration appear vague at best for now.

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

  • A certain beverage stock fell today despite a major acquisition.
  • Shares of Soliton surged after the company received key FDA clearance.
  • Plus, Eli Lilly stock soars amid virus threat; an auto stock lost after it closed plants; and one grocer hit record lows.

The Dow Jones Industrial Average (DJI - 23,553.22) finished 1,464.94 points, or 5.9% lower for the day. All 30 Dow stocks closed in the red, but UnitedHealth (UNH) fared the best with a 0.3% dip. Boeing (BA) plunged by 18.8%, the worst blue-chip by far.

The S&P 500 Index (SPX - 2,741.38) shed 140.9 points, or 4.9%, while the Nasdaq Composite (IXIC - 7,952.05) lost 392.2 points, or 4.7%.

The Cboe Volatility Index (VIX - 53.90) added 6.6 point, or 13.9%.

Closing Summary Indexes Mar 11

NYSE NASDAQ MAR 11

5 ITEMS ON OUR RADAR TODAY

  1. As coronavirus panic seeps into every fabric of U.S. life, President Donald Trump met with several bank chiefs today. Bank of America (BAC), Wells Fargo (WFC), Citi (C), and more were present in closed media session to address the disappointment of no immediate fiscal stimulus. (MarketWatch)
  2. Democratic presidential contender Bernie Sanders announced that he plans to stay in the presidential race despite suffering a series of losses to former vice president Joe Biden. Yesterday, Sanders lost Michigan and Missouri by larger-than-expected amounts, making his path to candidacy unclear at best. (Reuters)
  3. Eli Lilly stock was upgraded despite the COVID-19 threat.
  4. One auto stock took a hit amid plant closures.
  5. Sprouts Farmers Market hit record lows.

Earnings Mar 11

Unusual Options Activity March 11

Data courtesy of Trade-Alert

Oil Dips, Gold Follows Suit

Oil fell today, after the Energy Information Administration (EIA) reported domestic crude supplies increased for the seventh straight week. April-dated crude futures finished down $1.38, 3.8%, at $33.98 per barrel, also pressured by news that Saudi Arabia moved to up its output capacity in response to the price war with Russia.

Gold futures slid slightly again, as traders sold the precious medal to cover margins effected by the global spread of COVID-19. Gold for April delivery slid $18, or 1.1%, to finish at $1,642.30 an ounce. 

 

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