Futures contracts tied to the major U.S. stock indexes fell on Wednesday night after an address from President Donald Trump failed to quell concerns over the possible economic slowdown from the coronavirus.
Read More
The Dow Jones Industrial Average closed 1,031.61 points lower, or 3.56%, at 27,960.80. The S&P 500 slid 3.35% to 3,225.89 while the Nasdaq Composite closed 3.71% lower at 9,221.28. It was the Dow’s biggest point and percentage-point drop since February 2018. The Dow also gave up its gain for 2020 and is now down 2% for the year. The S&P 500 also had its worst day in two years and wiped out its year-to-date gain as well.
Read More
The major averages all slid more than 3% on Monday as the number of reported coronavirus cases outside of China rose.
If history is any indication stocks may be set for a relief rally on Tuesday.
According to Bespoke Investment Group, since March 2009 the S&P 500 has fallen more than 2% during a Monday session 18 other times, and that in 15 of the prior instances the index rose the following day, for an average gain of 1.02%.