Dow, Oil Suffer Catastrophic Losses on COVID-19 Headwinds

Oil filed away an 18-year low

Deputy Editor
Mar 18, 2020 at 4:40 PM
facebook X logo linkedin

Stocks saw drastic losses again today, triggering yet another trading halt and new lows for the Dow, SPX, and Nasdaq, as COVID-19 continues to influence a highly volatile market. The blue-chip index closed 1,300 points lower, as uncertainty over fiscal responses and the need for bailouts mounted. All three indexes also plunged to fresh annual or multi-year lows. On the flipside, the stock market's "fear gauge," or Cboe Market Volatility Index (VIX), surged to its highest mark since 2008.

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

  • Why Delta stock is near the bottom of the NYSE.
  • This gold ETF may have a silver lining.
  • Plus, Dunkin’ Brands limits service; General Motors and Ford stocks stall; and Target alters store hours for “vulnerable guests.”

The Dow Jones Industrial Average (DJI - 19,898.92) finished 1,338.5 points, or 6.3% lower for the day. Walgreens Boots Alliance (WBA) paced the six winners with a 6.5% gain, while Chevron (CVX) led the remaining laggards with a 22% drop. The Dow bottomed at a multi-year low of 18,917.46 intraday.

The S&P 500 Index (SPX - 2,398.10) lost 131 points, or 5.2%, while the Nasdaq Composite (IXIC - 6,989.84) shed 344.9 points, or 4.7%. The indexes each touched a fresh low of 2,280.52, and 6,686.35, respectively. 

The Cboe Volatility Index (VIX - 76.45) gained 0.5 point, or 0.7%, surging to a nearly 12-year peak of 85.47 in intraday trading.

closing summary mar 18

nyse nasdaq mar 18

5 Items on Our Radar Today

  1. U.S. homebuilding fell 1.5% last month, aided by a sharp drop in multifamily housing units, and could continue to struggle as the COVID-19 pandemic worsens. (CNBC)
  2. The Trump administration pushed back the April 15 federal income tax payment deadline by 90 days to cushion the financial hit taken due to the coronavirus. (MarketWatch)
  3. How Dunkin’ Brands just limited its daily services.
  4. Two auto stocks stalled due to COVID-19 measures.
  5. This retail chain altered their store hours.

Earnings mar 18

Our unusual options data is experiencing technical difficulties,

we apologize for any inconvenience.

Oil Plunges to 18-Year Lows

Oil futures dropped to a more than 18-year low, taking hits on both the supply and demand side as Saudi Arabia and Russia prepare to increase production amid travel concerns surrounding the coronavirus. April-dated crude fell 24%, or $6.68, to trade at $20.37 per barrel.

Gold futures reversed course today as investors unloaded precious metals in favor of cash while additional stimulus measures are taken by the U.S. April-dated gold delivery fell $47.90, or 3.1%, to trade at $1,477.90 per ounce.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI