Stocks dropped today as the high volatility in the markets continues. In economic news, U.S. housing starts and building permits fell in February.
Here’s a look at how the major indices finished the day:
Dow Jones -1,338 at 19,899
S&P 500 -131 at 2,398
NASDAQ -345 at 6,990
The 10 Year Treasury closed up 27 basis points yielding 1.27%
Oil prices closed down $4.68 ending at $22.65 a barrel
Gold prices closed down $31 ending at $1,495 an ounce
In the days’ stock news:
- Boeing shares dropped 18% after the company announced it is seeking access to $60 billion in public and private liquidity for the U.S. aerospace industry. Boeing has already stated it cannot meet its liquidity needs under current market conditions.
- Tesla’s stock declined 16% after it was ordered to stop production at its Fremont, California factory, despite Elon Musk’s plan to keep the factory in operation.
- Walmart was upgraded at Credit Suisse, which thinks the retail giant may grow market share due to a virus-inspired, long-term structural change in consumer buying habits.
- Target announced a reduction in store hours to allow more time for cleaning and restocking. Target will also close the eateries and cafes located within its stores.