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

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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.

Confirmed Cases: 111322

Reported Deaths: 3202
CountyConfirmedDeaths
Hinds7751171
DeSoto663677
Harrison481181
Jackson431978
Rankin380886
Madison371792
Lee341379
Forrest295177
Jones283182
Washington251497
Lafayette241742
Lauderdale2344130
Lamar214938
Bolivar198075
Oktibbeha194654
Neshoba1806111
Lowndes173962
Panola165136
Leflore160086
Sunflower157449
Warren152154
Monroe144872
Pontotoc143519
Pike136455
Lincoln134854
Copiah134636
Marshall132626
Scott123229
Coahoma123136
Grenada120137
Simpson118148
Yazoo117233
Union113925
Holmes113260
Tate112739
Leake112239
Itawamba109024
Pearl River108256
Adams104342
Prentiss101619
Wayne98521
Alcorn95512
George93517
Marion93242
Covington91625
Tippah85120
Newton84227
Chickasaw82024
Tallahatchie81825
Winston81521
Tishomingo79040
Hancock76927
Attala76525
Clarke71448
Clay67221
Jasper66616
Walthall63327
Calhoun60912
Noxubee59516
Smith58116
Claiborne53216
Montgomery52723
Tunica51817
Lawrence49514
Yalobusha48414
Perry48022
Carroll46012
Greene45317
Stone45014
Amite41513
Quitman4136
Humphreys39916
Jefferson Davis39411
Webster36513
Wilkinson32920
Kemper31815
Benton3054
Sharkey27714
Jefferson26310
Franklin2303
Choctaw2036
Issaquena1063
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 153016

Reported Deaths: 2633
CountyConfirmedDeaths
Jefferson22400372
Mobile14282314
Tuscaloosa9983132
Montgomery9691196
Madison899992
Shelby703560
Lee643966
Baldwin637567
Marshall426748
Calhoun410259
Etowah402049
Morgan394532
Houston363132
DeKalb316727
Elmore309552
St. Clair279742
Limestone269227
Walker268092
Talladega255034
Cullman225823
Lauderdale206340
Autauga199928
Franklin199131
Jackson199114
Colbert190627
Russell19023
Dallas185227
Blount183823
Chilton180531
Escambia170928
Covington164729
Coffee16409
Dale162551
Pike130212
Chambers127343
Tallapoosa127286
Clarke126716
Marion104229
Butler99840
Barbour9819
Marengo96721
Winston89913
Geneva8337
Pickens80317
Randolph79514
Lawrence79230
Bibb78913
Hale74529
Cherokee71514
Clay70712
Lowndes69927
Bullock63517
Henry6316
Monroe6279
Washington62112
Crenshaw59030
Perry5796
Wilcox55712
Conecuh55413
Fayette54712
Macon52919
Cleburne5247
Sumter46421
Lamar4575
Choctaw38612
Greene33316
Coosa1963
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