Dow Looking To Snap 7 Day Losing Streak US Stock Market News. New York (Current Trending Topics Business)US stocks were higher on Monday, paring last week’s coronavirus-linked losses. Read More News Updates
Dow Looking To Snap 7 Day Losing Streak US Stock Market News
Stocks are coming off their worst week since the 2008 financial crisis. The Dow (INDU) last week dropped 12.4%, while the S&P 500 (SPX) plunged 11.5%.
- The Dow also recorded its worst one-day point drop by history on Thursday.
But the rebound was strong on Monday. After a sharply higher open and a few flipping between gains and losses mid-morning, stocks moved solidly higher.
- The Dow was up 600 points, or 2.4%, while the S&P climbed 2.2% around midday.
- If the 2 indexes draw in positive territory, they might snap a seven-day streak.
- The Nasdaq Composite (COMP) was up 2.3%.
- All three indexes entered a correction last week.
Investors are pushed and pulled into different directions by headlines about the novel coronavirus outbreak. On the one hand, the Organization for Economic Cooperation and Development warned Monday that the outbreak could significantly hamper global growth.
Meanwhile, the hopes for stimulus action from the world’s central banks are keeping investors from throwing within the towel. The Bank of Japan said it might provide “ample liquidity” to stay financial markets stable and therefore the Bank of England also pledged to try to to what’s necessary for British economy’s stability.
The Federal Reserve System next meets on March 18 and market expectations for a half-percentage point rate of interest cut are at 100%, consistent with the CME’s Fed Watch Tool.
That said, Fed officials are speaking out against immediate rate cuts and Fed Chairman Jerome Powell said last week that the fundamentals of the US economy remain strong.
- Commodities broadly rebounded from last week’s selloffs. Gold futures were up 1.9%, while US oil prices climbed 5%.
US Treasury yields, meanwhile, still trend lower. Treasuries are a standard safe-haven investment that receives tons of shopping for interest during times of trouble. Bond prices and yields move opposite to every other. The 10-year yield dropped to an rock bottom just above 1%.
America’s battered manufacturing sector grew in February, consistent with the Institute of Supply Management. it had been the second positive month during a row for the world , which had fallen into a recession within the last half of 2019 on the rear of the US-China trade war. Read More News Updates