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 MoreGlobal brands Estee Lauder and Nike both generate 17% of their revenue from mainland China each year, Credit Suisse estimated based on the companies’ filings.
Other apparel retailers with high China exposure include Tapestry, PVH and VF.
Citi said American hotel companies that have “significant” exposure to China include Marriott, Hilton and Hyatt Hotels.
McDonald’s, Starbucks and Yum China have all shut down some of their stores in China in response to the outbreak, leading analysts to worry about their near-term revenue picture.
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.
SoftBank reported its first quarterly loss in 14 years on Wednesday, whiplashed by an $8.9 billion hit at its giant Vision Fund and marking a rare, humbling moment for CEO Masayoshi Son over his backing of troubled startup WeWork.
The scale of the loss shows the risks in Son’s strategy of splashing out big on cash-burning startups. It has also cast a pall on his efforts to raise a second massive fund.
Read MoreThe 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 MoreTrade war? Yes. Global slowdown? Yes. Volatile market? Yes. But does that mean investors should cash out and run? Not this top-performing fund manager. She’s staying put.
Joanna Kwok, who co-manages the JPMorgan Asia Growth Fund, says volatility will linger in Asia markets due to trade war uncertainty and corporate earnings concerns. Even with the unpredictability of U.S. President Donald Trump and other political risks, investors should hang on as valuations suggest “decent” returns in the next 12 months, she said.
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.
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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