March 20, 2020

Stocks opened higher this morning but changed course and ended the day with every major index 4% lower. In economic news, the tax-return-filing deadline has been moved to July 15.

 

Here’s a look at how the major indices finished the day:

Dow Jones -913 at 19,174

S&P 500 -105 at 2,305

NASDAQ -271 at 6,880

 

The 10 Year Treasury closed down 18 basis points yielding 0.94%

Oil prices closed down $2.30 ending at $23.61 a barrel

Gold prices closed up $15 ending at $1,494 an ounce

 

In the days’ stock news:

  • Tesla announced it will suspend production at its Fremont, California and its New York Factories on March 24. Tesla said it believes its level of liquidity is enough to navigate the uncertainty surrounding the coronavirus outbreak.
  • Walmart is hiring 150,000 more hourly workers to deal with the surge in virus-related shoppers. Walmart shares dropped 5% today.
  • Boeing said it is strongly considering a temporary suspension of production at its twin-aisle jet factories. The jet maker is reportedly considering cutting its dividend and laying off workers.
  • Oracle was upgraded at JPMorgan Chase, which cited the business software giant’s resilience across business cycles as well as its relative valuation.