March 23, 2020

Stocks opened lower this morning and were volatile throughout the day, with every major index finishing in negative territory. In economic news, the Federal Reserve pledged asset purchases with no limit to support the markets.

 

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

Dow Jones -582 at 18,592

S&P 500 -68 at 2,237

NASDAQ -19 at 6,861

 

The 10 Year Treasury closed down 18 basis points yielding 0.76%

Oil prices closed up $0.76 ending at $23.39 a barrel

Gold prices closed up $80 ending at $1,568 an ounce

 

In the days’ stock news:

  • Netflix was upgraded at Baird, which thinks the video streaming service will benefit from more people staying at home during the coronavirus outbreak and more people cutting regular cable due to the lack of live sports.
  • Gilead Sciences announced it has put emergency access to its experimental coronavirus drug on hold due to the overwhelming demand.
  • Starbucks announced it will close most of its company cafes in North America for the next two weeks, limiting service to drive-through.
  • Marriot, Hilton and other hotel companies are placing tens of thousands of workers on furlough, as travel slows amid the coronavirus outbreak.