Stocks battle to recoup losses from steepest drop since 1987 crash
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U.S. equity markets were swinging wildly Tuesday as investors tried to claw back some of their losses from the steepest one-day slide since the Black Monday crash of 1987.
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The Dow Jones Industrial Average climbed by as many as 612 points, or 3 percent, while the S&P 500 and Nasdaq Composite rose by 3.2 percent and 3.1 percent, respectively, before giving up their gains and turning negative. Selling briefly dropped the Dow below the 20,000 level for the first time since February 2017.
|I:DJI||DOW JONES AVERAGES||20226.98||+38.46||+0.19%|
|I:COMP||NASDAQ COMPOSITE INDEX||6957.762514||+53.17||+0.77%|
The early gains have the major averages on track to recoup a portion of the more than 12 percent drop that occurred Monday. The selling pushed the benchmark S&P 500 nearly 30 percent below its Feb. 19 peak and ran the VIX, or fear index, to its highest level on record.
Looking at stocks, Regeneron soared after the company said it hopes to start clinical trials for a COVID-19 antibody treatment as early as this summer. Other companies working on treatments also rallied.
|REGN||REGENERON PHARMACEUTICALS INC.||485.84||+45.01||+10.21%|
Boeing shares fell after a report said both the planemaker and the aviation sector as a whole were in talks for short-term government assistance. The heavily beaten-down airline sector was also lower.
|AAL||AMERICAN AIRLINES GROUP INC.||15.29||-0.62||-3.93%|
|UAL||UNITED AIRLINES HLDG.||32.79||-2.68||-7.56%|
Retail stocks were in focus after February sales fell 0.4 percent year over year, according to the Commerce Department, missing the 0.2 percent gain that economists surveyed by Refinitiv were expecting. Elsewhere in the space, Nordstrom announced the closure of all of its stores in the U.S. and Canada and pulled its 2020 outlook.
|ROST||ROSS STORES INC.||70.45||-3.48||-4.70%|
Ravaged oil stocks continued to slide as West Texas Intermediate crude oil traded up 0.5 percent at $29.15 per barrel.
|XOM||EXXON MOBIL CORPORATION||35.14||+0.65||+1.88%|
A steepening yield curve lifted some bank stocks. The spread between the 2-year yield and 10-year yield widened as the former climbed 2.3 basis points to 0.383 percent and the latter jumped 4.4 basis points to 0.772 percent.
|JPM||JP MORGAN CHASE & CO.||90.30||+1.94||+2.20%|
|BAC||BANK OF AMERICA CORP.||20.75||+0.31||+1.52%|
|WFC||WELLS FARGO & COMPANY||27.34||+0.84||+3.17%|
Blue-chip tech stocks traded mixed.
In Europe, Britain’s FTSE fell 1.4 percent while Germany’s DAX tumbled 1.3 percent and France’s CAC slipped 0.2 percent.
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Markets were mixed across Asia with Hong Kong’s Hang Seng adding 0.8 percent, Japan’s Nikkei edging up 0.1 percent and China’s Shanghai Composite slipping 0.3 percent.
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