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Dow rallies 900 points, looking to snap 7-day losing streak

As China reels from the coronavirus outbreak and works to get back online, fast food chains are exploring a "new normal." From contactless delivery to extreme sanitizing, stores are making efforts to stop the spread of the virus while staying open. CNN's David Culver reports.

Posted: Mar 2, 2020 8:56 AM
Updated: Mar 2, 2020 3:30 PM


US stocks were higher on Monday, paring last week's coronavirus-linked losses.

Stocks are coming off their worst week since the 2008 financial crisis. The Dow last week dropped 12.4%, while the S&P 500 plunged 11.5%.

The Dow also recorded its worst one-day point drop in history on Thursday.

'If [the market is] priced to perfection and then something indicates that the perfection is a pipe dream, prices will come off,' said Brad Cornell, emeritus professor of finance at UCLA, of last week's selloff. Prices are much more reasonable now, he added.

But Monday's rebound was strong. After a sharply higher open and some flipping between gains and losses mid-morning, stocks moved solidly higher.

The Dow was up 960 points, or 3.8%, on track for its second-best one-day point gain in history. On a percentage basis, Monday stands to be its best day since December 2018.

The S&P climbed 3.2%, which could its best performance since January last year.

Both indexes are looking to snap a seven-day losing streak.

The Nasdaq Composite was up 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 slow down global growth.

Meanwhile, hopes for stimulus action from the world's central banks are keeping investors from throwing in the towel. The Bank of Japan said it would provide 'ample liquidity' to keep financial markets stable and the Bank of England also pledged to do what's necessary for the British economy's stability.

The Federal Reserve next meets on March 18 and market expectations for a half-percentage point interest rate cut are at 100%, according to the CME's FedWatch Tool.

That said, Fed officials have been speaking out against immediate rate cuts and Fed Chairman Jerome Powell said last week that 'the fundamentals of the US economy remain strong.'

Although a Fed rate cut could revive investor sentiment -- at least in the short-term -- market participants are skeptical of how much monetary policy can really do against a global disease outbreak.

'I'd prefer a vaccine over a rate cut,' wrote Seema Shah, chief strategist at Principal Global Investors, in a blog post.

Commodities broadly rebounded from last week's selloffs. Gold futures settled up 1.8% at $1,592.30 an ounce, while US oil prices ended 4.4% higher at $46.75 per barrel.

US Treasury yields, meanwhile, continue to trend lower. Treasuries are a common safe haven investment that receives a lot of buying interest during times of trouble. Bond prices and yields move opposite to each other. The 10-year yield dropped to a all-time low just above 1%.

America's battered manufacturing sector grew in February, according to the Institute of Supply Management. It was the second positive month in a row for the sector, which had fallen into a recession in the second half of 2019 on the back of the US-China trade war.

However, the ISM report also highlighted the potential impact the coronavirus outbreak could have on US manufacturing. Imports have contracted and survey respondents voiced their concerns about demand and supply chain issues.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 473413

Reported Deaths: 9214
CountyCasesDeaths
Harrison32339474
Hinds30703575
DeSoto29814346
Jackson23263336
Rankin21111358
Lee14600217
Madison14043265
Jones13165218
Forrest12953233
Lauderdale11418297
Lowndes10249175
Lamar10048128
Pearl River8737209
Lafayette8078136
Hancock7324111
Washington6837147
Oktibbeha6820118
Neshoba6404201
Monroe6372158
Warren6326161
Pontotoc610393
Panola6071124
Bolivar6016143
Marshall5972118
Union564086
Pike5491133
Lincoln5232130
Alcorn520888
George457868
Scott451993
Leflore4401140
Prentiss437276
Itawamba436198
Tippah436180
Simpson4268111
Copiah425586
Wayne424863
Tate4234100
Adams4219114
Yazoo415886
Sunflower4088104
Covington407391
Marion4032100
Leake393185
Coahoma388198
Newton364474
Grenada3517101
Stone345657
Tishomingo324888
Attala321185
Jasper310262
Winston300391
Clay288273
Chickasaw282164
Clarke277487
Calhoun259739
Holmes259485
Smith243947
Yalobusha216747
Tallahatchie215649
Walthall205557
Greene204045
Lawrence203831
Perry196453
Amite193751
Webster191941
Noxubee174538
Montgomery169853
Jefferson Davis165541
Carroll159937
Tunica148434
Benton139433
Kemper137439
Claiborne125634
Choctaw124925
Humphreys123337
Franklin115227
Quitman101825
Wilkinson99835
Jefferson86632
Sharkey62120
Issaquena1916
Unassigned00

Alabama Coronavirus Cases

Cases: 768301

Reported Deaths: 13209
CountyCasesDeaths
Jefferson1093481727
Mobile699891179
Madison48418589
Baldwin35707452
Shelby35193291
Tuscaloosa33029512
Montgomery32582664
Lee21908204
Calhoun20140377
Morgan19351318
Etowah18583433
Marshall17272259
Houston16139353
St. Clair14956276
Limestone14129180
Cullman14069235
Elmore14010245
Lauderdale13128272
Talladega12399215
DeKalb11890229
Walker10231312
Autauga9493127
Blount9418149
Jackson9115136
Coffee8646161
Colbert8324169
Dale8284159
Escambia6456106
Tallapoosa6394168
Covington6313157
Chilton6243133
Russell591654
Franklin563597
Chambers5240132
Marion4628115
Dallas4626178
Clarke451471
Pike450091
Geneva4252106
Winston407987
Lawrence4046102
Bibb396177
Barbour338968
Marengo320981
Monroe311547
Butler309783
Pickens298769
Randolph294055
Henry293856
Hale286081
Cherokee279850
Fayette272271
Washington243545
Crenshaw232265
Clay221561
Macon214454
Cleburne209748
Lamar187839
Conecuh177139
Lowndes169056
Coosa163631
Wilcox154335
Bullock147142
Perry134235
Sumter123335
Greene119241
Choctaw72325
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Occasional areas of rain and some scattered thunderstorms will be in store for most of the weekend. However, good news by later sections of next week, as cooler and drier air will work its way into our weather forecast.
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