WEATHER AUTHORITY : Flood Advisory View Alerts
STREAMING NOW: Watch Now

Dow stages huge comeback after briefly plunging below 24,000

The erratic stock market staged a dramatic recovery on Monday from yet another plunge.The Dow closed ...

Posted: Dec 11, 2018 6:35 AM
Updated: Dec 11, 2018 6:35 AM

The erratic stock market staged a dramatic recovery on Monday from yet another plunge.

The Dow closed 34 points higher, recovering from a 500-point slide that briefly knocked the index below 24,000 for the first time since late June. The S&P 500 gained 0.2%, while the Nasdaq jumped 0.7%.

Banking, finance and investments

Brexit

Business, economy and trade

Continents and regions

Europe

European Union

Financial markets and investing

Government organizations - Intl

Northern Europe

Securities trading

Stock markets

United Kingdom

Apple Inc

Asia

China

Companies

East Asia

Economic indicators

Economy and economic indicators

Stock indexes

Economic conditions

Economic decline

Recession

Business and industry sectors

Consumer electronics

Consumer products

Electronics

Mobile and cellular telephones

Mobile technology

Smartphones

Technology

Apple (AAPL) led the turnaround. The iPhone maker erased a selloff caused by a Chinese court deciding to ban sales of most iPhone models by granting an injunction requested by Qualcomm. Apple announced midday Monday that it would appeal the court's decision, and the company insisted that all models of the iPhone continue to be available to Chinese customers.

"Anytime you get an upside reversal that's a bullish sign, at least in the very near term," said Justin Walters, co-founder at Bespoke Investment Group. "But today's rally doesn't mean we've broken out of any longer-term downtrend."

US stocks hit session lows on Monday morning after Prime Minister Theresa May said she would delay a crucial vote on her Brexit deal. The British pound shed 1.3% against the US dollar.

"Any news that isn't good is immediately treated as terrible," said Mark Luschini, chief investment strategist at Janney Capital.

The Brexit chaos reinforces one of Wall Street's biggest fears: slowing global growth. Germany and Japan are already in economic contraction, while China's economy has suffered from a wave of tariffs. A messy divorce between the UK and European Union is the last thing the global economy needs.

FTSE 100 closed nearly 1% lower. The FTSE 250, which has more companies focused on doing business in the UK, dropped almost 2%.

"The big worry is economic growth," said David Joy, chief market strategist at Ameriprise Financial. "Nobody knows what to make of the trade situation."

The CNN Business Fear & Greed Index, a gauge of market sentiment, is flashing "extreme fear."

The market is "starting to price in a recession-like scenario," JPMorgan Chase chief economist Bruce Kasman wrote in a report published on Friday.

JPMorgan estimates that the odds of a recession, based on a combination of economic data and market variables, has climbed to 36% from 25% at the end of September.

"We do not see as high a risk of recession as financial markets imply," Kasman said.

Concerns about growth and fluctuations in the bond market have slammed bank stocks. The S&P 500 banking sector led the way lower on Monday, building on last week's steep losses. Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) lost more than 2% apiece.

Investors are worried about how an economic slowdown would impact demand for loans. Banks are also hurt by the flattening bond yield, a central fear in recent days. The narrowing gap between long and short term bond yields makes it harder for banks to make money on the difference between what they pay out in interest rates and lend at. A yield curve inversion has been a reliable indicator of recessions in the past.

"The message that financials are sending about growth is more ominous," said Joy. "Banks are a proxy for the outlook for growth. And the outlook is diminishing."

Energy stocks like ConocoPhillips (COP) and Pioneer Natural Resources (PXD) were under pressure from another round of selling in the oil patch. US oil prices plunged 3% to $51 a barrel, reflecting lingering concern about excess supply despite Friday's agreement by OPEC and Russia to cut output.

CNN Business' Charles Riley contributed to this report.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 295295

Reported Deaths: 6724
CountyCasesDeaths
DeSoto19672230
Hinds18799386
Harrison16710278
Rankin12685264
Jackson12592226
Lee9687160
Madison9457199
Jones7962146
Forrest7208136
Lauderdale6833226
Lowndes6022137
Lamar588080
Lafayette5733113
Washington5218130
Bolivar4609123
Oktibbeha441393
Panola430394
Pearl River4167130
Warren4129114
Pontotoc408869
Marshall403192
Monroe3989126
Union395374
Neshoba3807168
Lincoln3541102
Hancock347374
Leflore3375118
Sunflower318386
Tate302474
Pike300195
Scott293870
Alcorn291861
Itawamba289975
Yazoo289262
Tippah278765
Copiah277857
Coahoma277568
Simpson274878
Prentiss269758
Wayne253841
Marion252678
Leake252471
Covington248879
Grenada247377
Adams234377
George231745
Newton229652
Winston221675
Jasper213445
Tishomingo212365
Attala206569
Chickasaw201151
Holmes182270
Clay179150
Stone172429
Tallahatchie170539
Clarke169371
Calhoun157828
Smith152731
Yalobusha144836
Greene127633
Walthall124140
Noxubee122829
Montgomery122438
Perry121634
Lawrence120321
Carroll118225
Amite111533
Webster110630
Jefferson Davis101731
Tunica99023
Claiborne98429
Benton93324
Humphreys92827
Kemper90223
Quitman77114
Franklin76119
Choctaw69516
Jefferson62527
Wilkinson62426
Sharkey48817
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 493769

Reported Deaths: 9931
CountyCasesDeaths
Jefferson710731374
Mobile36139727
Madison32425455
Tuscaloosa24184410
Montgomery22586500
Shelby21968215
Baldwin19758283
Lee14967153
Morgan13667251
Calhoun13300286
Etowah13184319
Marshall11262209
Houston10104261
Elmore9385185
Limestone9363134
Cullman8897181
St. Clair8827223
Lauderdale8607211
DeKalb8459175
Talladega7523163
Walker6524255
Jackson6495102
Autauga627091
Blount6102127
Colbert6004118
Coffee5249102
Dale4642107
Russell404930
Franklin399177
Covington3960106
Chilton3876100
Escambia377672
Tallapoosa3588142
Clarke343650
Chambers3413110
Dallas3403141
Pike293472
Lawrence283484
Marion281995
Winston246867
Bibb245060
Geneva239970
Marengo236455
Pickens224654
Barbour211651
Hale210568
Fayette200756
Butler196866
Henry182441
Cherokee177038
Monroe166139
Randolph163740
Washington156535
Crenshaw144854
Clay144454
Macon142043
Cleburne137839
Lamar132833
Lowndes131151
Wilcox121825
Bullock116936
Conecuh106724
Perry105627
Sumter98531
Coosa88923
Greene88232
Choctaw55123
Out of AL00
Unassigned00
Tupelo
Cloudy
44° wxIcon
Hi: 50° Lo: 41°
Feels Like: 44°
Columbus
Cloudy
41° wxIcon
Hi: 50° Lo: 41°
Feels Like: 36°
Oxford
Cloudy
37° wxIcon
Hi: 48° Lo: 39°
Feels Like: 34°
Starkville
Cloudy
37° wxIcon
Hi: 47° Lo: 39°
Feels Like: 37°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather