Money Dow posts first back-to-back gain since February
Celine Dion Tests Negative for Coronavirus, Postpones Concerts Due to Common Cold
The singer has a cold, but has decided to postpone two performances as she recovers.The singer recently came down with symptoms that indicated a common cold, and out of concern for her health, she was tested for COVID-19, also known as the coronavirus. The tests came back negative, but the singer will still be postponing a number of concerts as she recovers from her cold.
The Dow Jones Industrial Average jumped more than 13% in two days as a coronavirus stimulus deal was reached by Congress. Positive comments from New York Gov. Andrew Cuomo and a former Federal Reserve chief also lifted equities.
The 30-stock average climbed more than 2%, or 495 points. The S&P 500 was up by 1.1%. The Nasdaq dipped 0.45%, however. Boeing shares rallied 30% to lead the Dow higher. A 10.6% gain in Nike also boosted the Dow.
The US stock market has now wiped out the entire $11.5 trillion of value it gained since Trump's 2016 election victory
The Trump administration initially downplayed the virus, with top economic adviser Larry Kudlow calling the outbreak "contained" on February 25. US stocks are down more than 8% Thursday afternoon as coronavirus risks build and investors fear near-term recession. The total market cap of the US equities market, as measured by the Russell 3000 index, has declined by $11.5 trillion from its February 19 peak to $23.8 trillion as of Thursday morning.
“The stimulus measures will continue acting as equity tailwinds as they seep into corners of the credit market presently locked,” said Adam Crisafulli, founder of Vital Knowledge, in a note. But the market “is clearly moving much faster than underlying fundamentals and just as sharp declines on prior sessions exaggerated economic conditions, the rebounds will too.”
Stocks came off their highs in the final minutes of trading after Sen. Bernie Sanders said he was prepared to “put a hold on this bill until stronger conditions are imposed on the $500 billion corporate welfare fund.”
The Dow soared more than 2,100 points Tuesday, or over 11%, notching its biggest one-day percentage gain since 1933 and its best point increase ever. The S&P 500 rallied 9.4% for its best day since October 2008.
TSX rallies by most in a decade as investors cheer economic stimulus
TSX rallies by most in a decade as investors cheer economic stimulusThe Bank of Canada unexpectedly cut its overnight rate by 50 basis points to 0.75%, its second half-point cut in nine days, and the government said it would offer C$10 billion in credit support to businesses.
White House and Senate leaders agreed to a massive $2 trillion coronavirus stimulus bill in the middle of the night.
“At last we have a deal,” Republican Senate Majority Leader Mitch McConnell said around 1:37 a.m. ET from the floor of the Senate. “In effect, this is a war-time level of investment into our nation.”
Former Federal Reserve Chairman Ben Bernanke also said Wednesday the U.S. economy will experience a quick rebound after a “very sharp” recession. “If there’s not too much damage done to the workforce, to the businesses during the shutdown period, however long that may be, then we could see a fairly quick rebound,” Bernanke told CNBC’s “Squawk Box.” Bernanke added the current situation is “much closer to a major snowstorm” than the Great Depression.
He also acknowledged current Fed Chairman Jerome Powell moved quickly to stem the economic blow from the outbreak. “I think the Fed has been extremely proactive, and Jay Powell and his team have been working really hard and gotten ahead of this and shown they can set up a whole bunch of diverse programs that will help us keep the economy functioning during this shutdown period.”
Tom Brady and Patriots Reportedly Not Remotely Close to Deal as Free Agency Nears
Tom Brady is eligible to speak with NFL teams on Monday at noon, but it appears his market isn't as robust as originally thought. While earlier reports indicated that the San Francisco 49ers, as well as the Tennessee Titans, were not interested in the 42-year-old, Adam Schefter stated on Sunday night that Brady is far from a reunion with the Patriots as well. "Tom Brady does not have anything close to a deal in New England yet." @AdamSchefterWhile earlier reports indicated that the San Francisco 49ers, as well as the Tennessee Titans, were not interested in the 42-year-old, Adam Schefter stated on Sunday night that Brady is far from a reunion with the Patriots as well.
Still, some investors think the number of global coronavirus cases needs to improve before the market can form a bottom.
“People have to contend with the idea that the longer that lasts, the more people potentially are losing their job,” said Yousef Abbasi, director of U.S. institutional equities at INTL FCStone. “So to see a sustainable rally at this point, is going to be very difficult.”
Spain experienced a record spike in coronavirus deaths, with 504 reported for Tuesday. Globally, more than 400,000 cases have been confirmed, according to data from Johns Hopkins University. In the U.S., more than 55,000 cases have been confirmed along with over 69,000 in Italy.
State and city officials are also weighing closing parks, playgrounds and streets in New York City to enforce social distancing, said Gov. Cuomo. He noted, however, the number of new cases in Westchester County has started decreasing. That was seen as a positive by some market players.
Peter Oppenheimer, chief global equity strategist at Goldman Sachs, said there are four “components” to the market stabilizing from here:
S&P/TSX composite edges lower, while U.S. markets gain ground; Loonie down
S&P/TSX composite edges lower, while U.S. markets gain ground; Loonie downThe S&P/TSX composite index was down 6.50 points at 12,353.90.
″(i) A sign that the policy intervention is sufficient to prevent severe second- and third-round economic shocks; (ii) A sign that the infection rate is reaching a peak; (iii) A sign that the economic downturn may be slowing; and (iv) Cheap valuations,” Oppenheimer wrote in a note to clients. “In reality, we believe it will be a combination of these, and in some cases there are already signs these are in place.”
Some investors believed the stock market was overdue for a big bounce, having priced in a worst-case scenario regarding the economic damage being done by coronavirus-related shutdowns. They believe a bounce could occur here even as coronavirus cases continue to surge because the market was so oversold.
CNBC’s Jesse Pound contributed reporting.
Report: Impending FAs will hit open market if 2020 season is canceled .
Mookie Betts, J.T. Realmuto, and every other Major League Baseball player whose contract is set to expire after this season will still hit free agency if the 2020 campaign is canceled, sources told Ronald Blum of The Associated Press. MLB and the Major League Baseball Players Association are working on reaching an agreement on a broad number of topics related to the postponed campaign, and both sides are developing contingencies should the season not happen at all.Under the latest proposal, players will reportedly be credited service time identical to what they received in 2019, even if games aren't played.