The Dow Jones Industrial Average dropped 357.28 points, or more than 1%, to 25,409.36. The 30-stock Dow briefly fell more than 1,000 points then rallied into the close in a wild trading session characteristic of the week. The S&P 500 slid 0.8% to 2,954.22. The Nasdaq Composite closed flat at 8,567.37 but fell as much as 3.5% on the day.
Read MoreThe 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 MoreThe coronavirus is expected to be the dominant driver of markets in the week ahead, and even if there is volatility, analysts believe the market is resilient and has momentum to go higher for now.
Walmart, ViacomCBS and Deere are among companies reporting earnings in the week ahead.
Analysts expect to see more companies detailing the impact of the virus on their operations or supply chains.
Stocks rose for a third straight day on Wednesday, pushing the S&P 500 back to levels hit prior to the coronavirus scare.
The broad index closed 1.1% higher at 3,334.69, led by strong gains in the energy, financials and health care sectors. That gain drove the S&P 500 to a record closing high. It also erased its losses stemming from fears over the coronavirus and came within a whisker of hitting an all-time intraday high.
Read MoreThe S&P 500 has dropped 3% from its record high. Economically cyclical groups have been purged. Bonds are leading stock returns one month into the year.
Something was bound to come along and prompt a pullback. As it happened, the viral outbreak arrived to do the job.
Given that a perfectly routine decline following a strong multi-month rally could amount to 2% to 5%, a further drop of 2% to 3% would not compromise the broader uptrend.
Bond markets pricing in a high likelihood of another Fed rate cut around mid-year.
Stocks rose to all-time highs on Thursday, led by tech shares, as the strong rally in 2019 continued in the first trading day of the new year.
The Dow Jones Industrial Average advanced 330.36 points, or 0.9% to 28,868.80 and notched its biggest one-day gain since Dec. 6. The S&P 500 closed 0.8% higher —marking its best performance since Dec. 12 — at 3,257.85. The Nasdaq Composite gained 1.3% to end at 9,092.19 and had is best day since Oct. 11. The major averages hit their session highs in the final minutes of trading.
Read MoreBuffett isn’t the only famous stock gift-giver: In 2017, Kanye West gave Kim Kardashian West over $100,000 in stock in companies like Apple, Amazon and Disney. On her Instagram, Kardashian West revealed the gift included 920 Disney shares and around 995 shares in Adidas.
Read MoreThe stock market tends to have unusually strong performance during the final five trading days of the year and the first two tradings days of the new year.
The S&P 500 has posted a 1.3% gain on average since 1950 during those periods, according to Stock Trader’s Almanac.
A net 7% of stocks on the Nasdaq and New York Stock exchanges hit new 52-week highs last week, a bullish sign for the market.
Sentiment Trader said it was the most in six months, and the increase in highs is often a good longer-term signal for the market.
“It’s really a market firing on all cylinders. It’s such a key point here,” said one technical analyst, noting the breadth of the market has been improving.
The Dow Jones Industrial Average is only about 2% from a record high, but confidence is hard to come by when wealthy investors are asked about the future direction for the market. The percentage of the affluent investors who expect a stock market decline to be booked in the fourth quarter has doubled, according to a survey conducted by E-Trade Financial this month.
Read MoreInvestors betting on Saudi Arabian shares are showing a clear preference for funds listed in Europe over the U.S. The contrasting picture may come down to which market offers lower fees and more attractive treatment on taxes and dividends.
An exchange-traded fund focused on Saudi equities offered by BlackRock Inc. in New York since 2015, the year when the oil-rich kingdom started opening up to foreigners, drew net inflows of about $626 million this year, quadrupling in size from the end of 2018.
Read MoreIn an invitation-only call with institutional clients of Morgan Stanley on Wednesday, research analyst Adam Jonas — a long-time Tesla bull — expressed skepticism about the electric vehicle maker and said not to count on a buyer like Apple to bail the company out.
Read MoreDalio now heads Bridgewater Associates, the world’s largest hedge fund with roughly $160 billion in assets. But when he was only 12 years old in the early 1960s, Dalio just wanted somewhere to invest the money he’d earned caddying on a golf course and everyone he knew was talking up the stock market.
Read More“Often there are opportunities that everybody can see, but you’re restricted by mandate or asset class,” says Margaret Patel, manager of Wells Fargo Asset Management’s Diversified Capital Builder fund. “We have a much more flexible approach.”
This approach has paid off. Patel’s fund is up 16.5% this year and is outperforming 97% of its counterparts.The five-star-rated fund has also done well long term.
Uber seeks to raise about $9 billion in cash in its initial public offering next month when it debuts on the New York Stock Exchange under the symbol “UBER.”
Uber gave a pricing range between $44 and $50 per share, valuing the company between $80.53 billion and $91.51 billion on a fully diluted basis.
The stock is posed to bring in billions for its top shareholders.
Gold fell on Monday, moving further off the key $1,300-per-ounce mark it briefly surpassed in the previous session, as global equities rallied following last week's slide with stronger-than-expected U.S. retail sales allaying some fears of an economic slowdown.
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