Stocks closed broadly higher on Wall Street Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas.
The Dow Jones Industrial Average plunged 877 points, or 4 percent, in the opening minutes of trading while the S&P 500 and Nasdaq Composite fell 3.7 percent and 3.08 percent, respectively.
Investors are beating down the bear as optimism returns to equities.
In a series of sweeping, aggressive steps, the U.S. Federal Reserve will lend to small and large businesses and local governments as well as extend its bond buying programs
As the novel coronavirus global pandemic widens and worsens, the New York Stock Exchange is closing its iconic trading floor in Manhattan as well as two others and will move to fully electronic trading on Monday, March 23, its operator announced on Wednesday.
The U.S. stock market plunged to its worst day in more than three decades as voices from Wall Street to the White House said the coronavirus may be dragging the economy into a recession.
The U.S. economy is in a recession expected to last through September, according to a revised forecast released Monday by UCLA that reflects rapid changes brought on by the coronavirus.
U.S. stock futures fell sharply after the Federal Reserve slashed interest rates and more companies and governments took action over the weekend to shut down European and American society in the face of the growing virus outbreak.
A rally on Wall Street accelerated after President Donald Trump declared the coronavirus pandemic a national emergency. The Dow saw its largest percentage gain since 2008.
Berkshire Hathaway chairman Warren Buffett told shareholders Friday that they won't be allowed to physically attend the company's May 2 annual meeting in Omaha because of the coronavirus threat.
The S&P 500 plummeted 9.5%, for a total drop of 26.7% from its all-time high, set just last month. That puts it way past the 20% threshold to make this a bear market, snapping an unprecedented, nearly 11-year bull-market run. The Dow Jones Industrial Average sank 10% for its worst day since a nearly 23% drop on Oct. 19, 1987.
Stocks, Treasury yields and oil are clawing back some of the plunge they took a day before, when the S&P 500 had its worst drop in more than a decade.
A drop on Wall Street was so sharp on Monday that it triggered the first automatic halt in trading in more than two decades.
Stocks kept falling Friday, and bond yields took more breathtaking drops as a brutal, dizzying couple weeks of trading showed no sign of letting up.
The Dow Jones Industrial Average sank 785 points, or 2.9%. It had surged 5% a day earlier on hopes for a broader set of stimulus measures.
Stocks fell sharply on Wall Street Tuesday after an emergency interest-rate cut by the Federal Reserve failed to reassure markets racked by worries that a fast-spreading virus outbreak could lead to a recession.
The huge gains clawed back some of the ground lost in a massive sell-off that gave stocks their worst week since the financial crisis of 2008.
Fox Business reported that the NYSE is exploring a contingency that would including closing the trading floor.
U.S. stocks fell sharply in early trading Friday and were on track for their worst week since October 2008 as the spreading coronavirus threatens to derail the global economy.
The Dow Jones Industrial Average sank nearly 1,200 points Thursday, deepening a weeklong global market rout caused by worries that the coronavirus outbreak will wreak havoc on the global economy.