Written by Gary
The DJIA plummeted 1,190.95 points, or 4.4%, to close at 25,766.64. The S&P 500 slid 4.4% to 2,978.76 while the Nasdaq Composite dropped 4.6% to 8,566.48. The Dow had its worst day since February 2018, the Nasdaq and S&P 500 since August 2011. This was the worst week for stocks since 2008. The dollar slumped by 0.57% to 98.375 and WTI oil dropped 5% to the low 46 handle. Gold struggled to gain $3.20 (0.19%) to $1646.30. The 10-year bond saw intraday yields as low as 1.25% before ending near 1.30%, down from 1.33% yesterday.
The Market in Perspective
Here are the headlines moving the markets. | |
Is new Disney CEO Bob Chapek up to the task?A global pandemic and the challenge of figuring out the future of entertainment greeted Bob Chapek on Wednesday as he took over as Chief Executive Officer of Walt Disney Co . | |
Bed Bath & Beyond to cut about 500 jobsHome furnishing retailer Bed Bath & Beyond Inc said on Thursday it would cut about 500 jobs, including management positions, as part of a restructuring program. | |
Pandemic fears send investors running as Wall Street confirms correctionWall Street’s main indexes plunged on Thursday for the sixth straight session, with the S&P 500 confirming its fastest correction in history as the rapid global spread of coronavirus intensified worries about economic growth. | |
Oil prices dive to lowest in over a year on coronavirus fearsOil prices tumbled for a fifth day on Thursday to their lowest level in more than a year, as new reports of novel coronavirus cases outside China spurred investor fears that the rapidly spreading outbreak could slow the global economy. | |
Facebook to publicly track political sponsored content after Bloomberg’s paid memesFacebook Inc will provide a way for people to track political sponsored content on Facebook and Instagram ahead of the U.S. presidential election, it said on Thursday. | |
U.S. SEC orders Wells Fargo to pay $35 million penaltyThe U.S. Securities and Exchange Commission said on Thursday it had ordered Wells Fargo & Co to pay $35 million to settle charges it failed to adequately supervise investment advisers. | |
Thyssenkrupp sells elevator unit for $18.7 billion to Advent, Cinven consortiumBy Christoph Steitz, Edward Taylor, Matthias Inverardi and Tom Käckenhoff | |
Telecom Italia picks KKR as partner for Italian broadbandTelecom Italia (TIM) on Thursday picked KKR as an exclusive partner to develop its ultra-broadband business, saying its board had taken positive note of a non-binding proposal by the U.S. investment firm. | |
Mylan quarterly profit beats estimatesDrugmaker Mylan NV reported a fourth-quarter profit on Thursday that beat estimates, helped by sales of new products such as asthma treatment Wixela. | |
Steven Seagal Charged By SEC For Unlawfully Touting 2018 ICOSteven Seagal Charged By SEC For Unlawfully Touting 2018 ICO Authored by Andrey Shevchenko via CoinTelegraph.com, The Securities and Exchange Commission (SEC) has charged actor Steven Seagal for promoting an initial coin offering (ICO) without disclosing that he was paid for it. He was ordered to pay back over $330,000 to the commission. | |
White House To Hold Emergency Press Conference On Market PlungeWhite House To Hold Emergency Press Conference On Market Plunge It would seem that the fastest collapse in stocks from record highs into correction since The Great Depression is enough to warrant an emergency White House press conference (and general gathering of the Plunge Protection Team). | |
CDC Waited Days To Test California’s Latest ‘Mystery’ Patient For Coronavirus: NYTCDC Waited Days To Test California’s Latest ‘Mystery’ Patient For Coronavirus: NYT By the time President Trump kicked off his coronavirus press conference last night, top officials in California’s Department of Health were preparing an announcement of their own in conjunction with the CDC: They were preparing to confirm a Washington Post report about a new coronavirus patient whose infection was of unknown provenance. But according to a story published Thursday morning by the New York Times, Californian health officials could have known about the infection – and thus taken the critical early steps to quarantine the individual – days earlier if it weren’t for restrictive federal criteria determining when federal or state officials can use one of the limited number of coronavirus testing kits available in the US. | |
California Governor Says State ‘Monitoring’ 8,400 For Coronavirus; 33 Have Tested Positive; In New York, 700 Asked To ‘Self-Isolate’: Live UpdatesCalifornia Governor Says State ‘Monitoring’ 8,400 For Coronavirus; 33 Have Tested Positive; In New York, 700 Asked To ‘Self-Isolate’: Live Updates Summary: WHO says outbreak in Iran likely worse than official numbers suggest; outbreak could go in “any direction” Cali monitoring 8400, 28 cases in the state Dozens of hospital staffers who treated US coronavirus patient with ‘unknown’ origin being ‘monitored’ Facebook cancels annual ‘F8′ developers’ conference 700 in New York asked to ‘self-isolate’ Iran confirms 26 deaths, vice president for women and family affairs infected The Netherlands has confirmed its first case Northern Ireland confirms first case Norway confirms three new cases Germany confirms 14 new cases Lagarde: Not yet time for ECB to intervene to fight economic backlash of outbreak HHS says risk to public remains “low” Italy reports 3 more deaths, bringing total to 17; total cases hit 650 Pence, Azar appoint Mnuchin, Kudlow & Surgeon General Adams to Coronavirus Task Force Starbucks says it has reopened 85% of Chinese restaurants Azar: Sonoma case might be ‘community transmission’ Salvini meets with Italian president amid national unity government speculation South Korean new cases surpass China’s new cases as SK confirms 505 new cases China, Japan close school nationwide CDC fears ‘community outbreak’ in Sonoma County after discovering first US case of “unknown origin” CDC says patient from Solano county Saudi Arabia suspends pilgrimages to Holy … | |
How to take US-India energy cooperation to the next levelHow to take US-India energy cooperation to the next levelBoth nations need to jointly seek to shore up efficiency improvement and productivity gains in energy economy. | |
Tata Group comes under CCI lens, againTata Group comes under CCI lens, againCCI is reviewing a plaint that TaMo and other two group firms abused their market position while selling CVS. | |
The violence in Delhi has lessons for allThe violence in Delhi has lessons for allYet, it is undeniable that there has been systemic failure in the manner the violence was handled. | |
27Feb2020 Midday Update: Wall Street Hammered By Coronavirus Anxiety, DOW Down 320 Points Recovering From Session Lows, WTI Up Slightly At 47.21, US Dollar, Gold Slip FractionallyWritten by Gary The US economy grew moderately in the fourth quarter (SPY -0.9%). The fast-spreading COVID-19 that has left financial markets fearing a recession. | |
February 2019 Kansas City Fed Manufacturing ImprovedOf the five regional manufacturing surveys released for February, four were in expansion and one was in contraction. | |
Market Extra: How bad is the coronavirus-sparked stock-market selloff? ” the Dow industrials weekly skid would rank within its top 15 in its 124-year historyThe depth of the slide for stocks this week can perhaps best be illustrated by the severity of the skid for the 124-year-old Dow Jones Industrial Average. | |
Renewable energy finally takes off, as big money enters the industryCompanies, governments and investors have taken notice of leading returns on investment, writes Beth Kindig. | |
Beyond Meat earnings: Shares rise, then fall, on mixed resultsThere is plenty of bite in Beyond Meat Inc.’s quarterly sales. |
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