March 13, 2020

Yesterday was the biggest one-day percentage loss for the S&P 500 since the market meltdown in 1987 and the index closed 27% below its all-time high hit just 3 weeks ago, officially ending the 11-year bull market that began in March of 2009. Today stocks surged at the open as some are seeing value in beaten down shares. Twice this week futures trading was suspended after reaching their limit down, today they were suspended after reaching limit UP.

The Dow opened +1250

At the close:

  • Dow +1985 to 23185
  • S&P 500 +230 to 2711
  • NASDAQ +673 to 7874
  • Oil +1.40 to 33
  • Gold -73 to 1515

In corporate news shares of Disney closed last night just a couple dollars above a 5 year low after they announced the short term closure of their theme parks but the stock was 12% higher today. Apple had lost 25% of its value over the past 3 weeks but gained 12% today and Microsoft closed 14% higher.