March 18, 2020

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.