Wall Street’s best month in 33 years closed with a whimper Thursday. The S&P 500 fell 0.9% after reports showed millions more U.S. workers filed for unemployment benefits last week and the European economy crumpled to its worst performance on record last quarter, among other lowlights. It was the biggest loss for the U.S. stock market in more than a week, but it was still just a wiggle within the S&P 500’s best month in decades.
Stocks charged higher on Wednesday on hopes of progress in fighting the coronavirus. The spark for Wednesday’s rally was a report that an experimental drug proved effective against the new coronavirus in a study run by the National Institutes of Health.
Slumping tech favorites pulled major U.S. stock indexes lower Tuesday. The S&P 500 slipped 0.5% after stocks that have held up the best through this year’s sell-off fell to some of the market’s sharpest drops. They included health care companies, big tech titans and winners of the stay-at-home economy, such as Netflix and Amazon.
Stocks rose Monday as governments considered reopening businesses and economies. From Rome, Ga., to Rome, Italy, companies are watching closely as politicians detail plans to ease up on restrictions meant to slow the coronavirus pandemic but which also erased businesses and jobs. This week is chockablock with potentially market-moving events, including meetings for several of the world’s largest central banks.
Wall Street ended a manic week on Friday with a gain that was led by tech stocks. “The market sort of feels like Dorothy coming to the crossroads and has yet to meet the scarecrow to tell her which way to go,” said Sam Stovall, chief investment strategist at CFRA.
An early rally Thursday got wiped out, leaving stocks finishing mixed. It’s the latest example of the fragility of the hope among investors that that has driven a rally of 25% for the S&P 500 over the last month — hope that parts of the economy may be able to reopen soon, hope that massive aid from the Federal Reserve and Congress can help temper the deep recession ahead and hope that possible treatments for COVID-19 may be on the way.
Stocks climbed worldwide Wednesday as oil prices crawled off the floor. Stocks rose from Seoul to Spain, and winners outnumbered losers in New York by more than two to one. Treasury yields also pushed higher in a sign of a bit less pessimism among investors.
Stocks dropped worldwide on Tuesday as oil’s chaotic collapse deepened. Global demand is set to drop to levels last seen in the mid 1990s. At the same time, oil producers can’t slow their production fast enough, and all the extra crude means storage tanks are quickly running out of room.
Stocks and Treasury yields dropped on Wall Street Monday, with the S&P 500 down 1.8%, but the market’s most dramatic action by far was in oil, where the cost to have a barrel of U.S. crude delivered in May plummeted to negative $37.63. It was at roughly $60 at the start of the year.
Hope took the reins on Wall Street Friday as stocks rallied worldwide. The S&P 500 jumped 2.7% Friday, following up on even bigger gains in Europe and Asia, as investors latched onto several strands of hope about progress in the fight against the coronavirus.
Stocks climbed Thursday as pandemic winners pulled away on Wall Street. Amazon, Dollar General and Walmart all closed at record highs as people stock up on staples. Netflix also reached an all-time high as people spend more time than ever at home, while health care stocks in the S&P 500 rose 2.2% for the biggest gain among the 11 sectors that make up the index.
Stocks sank Wednesday following grim data on the economic hit from the coronavirus. Markets are already bracing for what’s forecast to be the worst downturn since the Great Depression, but Wednesday’s data was even more dispiriting than expected, including a record drop for U.S. retail sales.
Stocks ended higher Tuesday as traders hope business restrictions will ease soon. Big companies also started reporting their first-quarter earnings, giving investors an early peek into how the outbreak was affecting them. Traders will be poring over companies’ quarterly report cards over the next few weeks to learn how the outbreak has affected corporate America’s prospects for profit growth this year.
Stocks fell Monday with financial, industrial and health care stocks accounting for some of the heaviest selling in advance of first quarter earnings reports and the effect the coronavirus pandemic has had on them.
Stocks climbed again on Thursday following the announcement by the Federal Reserve of programs to provide up to $2.3 trillion in loans to households, local governments and businesses as the country tips into what economists say may be the worst recession in decades. It’s the latest unprecedented move by the Fed.
Stocks moved up Wednesday after Dr. Anthony Fauci, the top U.S. infectious diseases expert, said the White House is working on plans to eventually reopen the country. President Donald Trump later said it “will be sooner rather than later.”
Wall Street’s recent rally fizzled Tuesday after oil prices suddenly plummeted. It dampened what had been an ebullient day for markets worldwide, following up on Monday’s 7% surge for the S&P 500 on encouraging signs that the coronavirus pandemic may be close to leveling off in some of the hardest-hit areas of the world.
Investors sent stocks climbing Monday. The S&P 500’s gains accelerated throughout the day, and markets in Europe and Asia rose nearly as much. In another sign that investors are feeling a bit less pessimistic about the economy’s path, they sold bonds. The yield on the 10-year Treasury rose for the first time in four days.
Stocks dropped Friday as the coronavirus crunched the job market and economy. Stocks initially held steady after the government said U.S. employers cut 701,000 more jobs than they added last month, the first drop in nearly a decade. Many businesses have slammed to a halt amid attempts to slow the spread of the coronavirus outbreak, and investors were fully expecting to see such abysmal numbers.
Wall Street rose Thursday for the first time in three days as oil prices climbed. The surge lifted energy stocks enough to pull the S&P 500 higher and outshine another dismal report showing that millions of Americans are joining the unemployment queue by the week.
Stocks skidded Wednesday as the physical and economic toll of the coronavirus worsened. “There is a lot of uncertainty,” said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors. “The negative news is really taking over.”
Stocks fell again Tuesday, capping Wall Street’s worst quarter since 2008. The surge of coronavirus cases around the world has sent markets to breathtaking drops since mid-February, undercutting what had been a good start to the year.
Wall Street’s rally rolls on, led by health care stocks. Johnson & Johnson leaped 8% after saying it expects to begin human clinical studies on a vaccine candidate for COVID-19 by September. Abbott Laboratories jumped 6.4% after saying it has a test that can detect the new coronavirus in as little as five minutes.
Stocks dropped Friday, but held on to weekly gains after a big rally. Stocks had soared over the previous three days as the relief bill moved closer to becoming law. It passed the House Friday afternoon and President Donald Trump signed it later in the day.
Stocks surged again Thursday after Senate passage of the coronavirus relief bill. The S&P 500 rose 6.2%, bringing its three-day rally to 17.6%. The Dow industrials have risen an even steeper 21.3% since Monday.
Many on Wall Street say they don’t think stocks have hit bottom yet, but optimism rose after the White House and Senate leaders announced an agreement on the aid bill early Wednesday. A vote had been expected in the Senate by the end of the day, but then some lawmakers balked at the proposed bill.
Tuesday was the Dow’s best day since 1933 as Congress nears a deal on aid. The Dow burst 11.4% higher, while the more closely followed S&P 500 index leapt 9.4% as a wave of buying around the world interrupted what has been a brutal month of nearly nonstop selling.
With Monday’s losses, the stock market has lost more than a third of its value since its record last month, as more businesses shut down in hopes of slowing the spread of the coronavirus. Economists increasingly say a recession seems inevitable, analysts are slashing their forecasts for upcoming corporate profits and no one can say for sure how deep it will be or how long it will last.
Stocks fell sharply and the price of oil sank Friday as federal and state governments moved to shut down bigger and bigger swaths of the nation’s economy in the hope of limiting the spread of the outbreak.
Stocks rose Thursday, reflecting cautious optimism among investors that emergency action by the U.S. government and central banks will cushion the global economy from a looming recession caused by the coronavirus pandemic.
Stocks fell Wednesday as investors dashed for cash amid recession fears. Markets have been incredibly volatile for weeks as Wall Street and the White House acknowledge the rising likelihood that the pandemic will cause a recession.
Stocks jumped Tuesday after President Trump promises to ‘go big’ on coronavirus aid. Besides the White House’s proposal, which could approach $1 trillion, the Federal Reserve also announced its latest emergency move to get markets running more smoothly.
The plunge came even though the Federal Reserve rushed to announce a new round of emergency actions before markets opened for trading Monday. The moves are aimed at propping up the economy and getting financial markets running smoothly again, but they may have also raised fears even further. Investors are also waiting for the White House and Congress to offer more aid to an economy that’s increasingly shutting down by the hour.
Stocks surged Friday on new virus measures. The turnaround wrapped up a week of brutal losses on Wall Street amid heightened fears that the virus outbreak will lead to a global recession.
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 for a bear market, officially ending Wall Street’s unprecedented bull-market run of nearly 11 years. The Dow Jones Industrial Average sank 10% for its worst day since its nearly 23% drop on Oct. 19, 1987.
With Wall Street already on edge about the economic damage coming from the virus outbreak, stocks dove even lower Wednesday after global health officials declared the outbreak a pandemic.
The Dow surged 4.9% on Tuesday, another wild day, on hopes for virus aid. The moves reflected the mood of a market just as preoccupied with the virus as the rest of the world. Since U.S. stocks set their record high just a few weeks ago, traders have crossed over from dismissing the economic pain created by COVID-19 — thinking it’s similar to the flu and could stay mostly contained in China — to being in thrall to it — worrying that it may cause a worldwide recession.
The drop on Wall Street Monday was so sharp that it triggered the first automatic halt in trading in more than two decades. European markets likewise registered their heaviest losses since the darkest days of the 2008 meltdown and are now in a bear market.
The most violent drops came from the oil markets, where prices cratered more than 20%. But moves in stocks and bond yields were nearly as breathtaking. In the United States, the S&P 500 plunged 7% in the first few minutes of trading, and losses were so sharp that trading was halted.
After skidding sharply through the day Friday as fear pounded markets, steep drops for stocks and bond yields suddenly eased up in the last hour of trading amid hints from Federal Reserve officials that they may offer more support to the economy.