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 9:56 AM
Updated: Mar 2, 2020 4:30 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.

West Lafayette
Overcast
71° wxIcon
Hi: 74° Lo: 50°
Feels Like: 71°
Kokomo
Broken Clouds
71° wxIcon
Hi: 72° Lo: 48°
Feels Like: 71°
Rensselaer
Overcast
68° wxIcon
Hi: 69° Lo: 48°
Feels Like: 68°
Fowler
Overcast
68° wxIcon
Hi: 70° Lo: 49°
Feels Like: 68°
Williamsport
Overcast
71° wxIcon
Hi: 73° Lo: 50°
Feels Like: 71°
Crawfordsville
Scattered Clouds
70° wxIcon
Hi: 73° Lo: 49°
Feels Like: 70°
Frankfort
Overcast
74° wxIcon
Hi: 74° Lo: 49°
Feels Like: 74°
Delphi
Overcast
67° wxIcon
Hi: 74° Lo: 48°
Feels Like: 67°
Monticello
Overcast
67° wxIcon
Hi: 75° Lo: 49°
Feels Like: 67°
Logansport
Scattered Clouds
72° wxIcon
Hi: 72° Lo: 48°
Feels Like: 72°
Dry and Cooler Weather.
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 68433

Reported Deaths: 2980
CountyConfirmedDeaths
Marion14863719
Lake7101271
Elkhart459777
Allen3635158
St. Joseph315479
Hamilton2513104
Cass17519
Hendricks1750105
Vanderburgh172612
Johnson1652118
Porter119539
Tippecanoe110311
Clark108145
Madison84765
LaPorte83829
Kosciusko81912
Howard81065
Bartholomew74347
Marshall74222
Floyd69444
Monroe68630
Delaware63852
Noble63728
Boone63546
Dubois62612
Hancock62337
Jackson5524
LaGrange54210
Warrick51630
Shelby51126
Grant49629
Vigo47410
Dearborn46528
Morgan42532
Henry36118
Clinton3573
White34710
Montgomery34321
Lawrence32827
Wayne3179
Decatur31432
Harrison29422
Miami2582
Scott25010
Daviess24619
Greene23934
Franklin22410
DeKalb2224
Putnam2228
Jennings21012
Jasper2082
Gibson2004
Steuben2003
Ripley1887
Perry17212
Starke1657
Orange16424
Wabash1613
Posey1580
Fayette1557
Jefferson1492
Whitley1486
Fulton1462
Carroll1452
Wells1342
Knox1310
Huntington1183
Washington1161
Spencer1143
Newton11010
Tipton1075
Randolph1034
Clay975
Jay820
Adams812
Rush794
Owen781
Sullivan761
Pulaski721
Brown701
Fountain632
Benton600
Blackford532
Ohio514
Pike460
Parke451
Switzerland430
Crawford420
Martin420
Vermillion380
Union320
Warren191
Unassigned0200

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events