Bulletin
Investor Alert

New York Markets Close in:

Market Snapshot Archives | Email alerts

March 5, 2020, 4:20 p.m. EST

Dow notches another 900-point loss as benchmark government bond carves out new record low

Travel stocks get bludgeoned

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Dow Jones Industrial Average (DJIA)
  • X
    S&P 500 Index (SPX)
  • X
    NASDAQ Composite Index (COMP)

or Cancel Already have a watchlist? Log In

By Mark DeCambre, MarketWatch , Andrea Riquier


Getty Images
Stocks were under pressure on Thursday

U.S. stocks closed sharply lower Thursday as anxieties about the worldwide spread of COVID-19 lingered and concerns about the ability of governments to control the impact of the disease on their economies sent the benchmark U.S. Treasury note yield to a fresh all-time low.

See: Why stocks tanked despite the Fed’s emergency rate cut

How did major benchmarks fare?

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.06% closed at 26,121.28, down 969.58 points, or 3.6%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.17% lost 106.18 points, 3.4%, to close at 3,023.94. The Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +1.08% fell 279.49 points, 3.1%, to close at 8,738.60.

For the year to date, the Dow is now down 8.5%, the S&P 500 has lost 6.4%, and the Nasdaq is about 2.6% lower.

What drove the market?

Markets are fixated on the economic implications of efforts to contain the spread of COVID-19, the infectious disease that reportedly originated in Wuhan, China in December, sickening at least 95,000 people since then.

Worldwide, there are now 95,748 cases of COVID-19 and at least 3,286 deaths, according to the latest figures from the Johns Hopkins Whiting School of Engineering’s Centers for Systems Science and Engineering.

“Coronavirus headlines will continue to drive trading, and broadly speaking any reports of U.S. or global economic stimulus will be a tailwind on stocks, while any reports of an acceleration of the spread will obviously be a headwind,” wrote Tom Essaye, president of The Sevens Report.

The Dow has had two 4% or more gains in the last three days. The last time the index had two 4% gains or more in a three trading day span was when the index had back to back gains of over 4% in November 2008, according to Dow Jones Market Data. That means all three major benchmarks are still positive for the week.

See : World braces for months of trouble as virus pushes west

Policymakers are grappling with containing both the epidemic and the economic impact. U.S. lawmakers passed an $8 billion emergency spending package on Thursday to combat the coronavirus, after the International Monetary Fund announced a $50-billion lending programs to help businesses harmed world-wide by the epidemic.

U.S. economic data showed little signs of an impact from the viral outbreak so far. First-time applications for unemployment insurance declined in the most recent week, the Labor Department said Thursday morning. Productivity and unit labor costs in the fourth quarter were both lowered from an initial read. Factory orders declined 0.5% in January, the government said.

Which stocks were in focus?

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
28,493.59
+298.17 +1.06%
Volume: 182.99M
Oct. 20, 2020 1:14p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,466.86
+39.94 +1.17%
Volume: 1.06B
Oct. 20, 2020 1:14p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,602.98
+124.10 +1.08%
Volume: 2.02M
Oct. 20, 2020 1:14p
loading...
1 2
This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.