Stocks extend losses in final hour of trading, Dow falls 400 points to end worst-ever first quarter
Published Mon, Mar 30 2020 6:06 PM EDT Updated Moments Ago
Fred Imbert
Yun Li
Stocks fell on Tuesday, the last day of the first quarter, as investors wrapped up a period of historic market volatility sparked by the coronavirus pandemic.
The Dow Jones Industrial Average traded 404 points lower, or 1.8%. The S&P 500 was down by 1.9%. The Nasdaq Composite fell 1.5%. The 30-stock benchmark was up as much as 152 points earlier in the day; it has fallen as much as 293.63 points, or 1.3%.
Investors digested a slew of news that may be contributing to the volatile swings on Tuesday, along with the monthly rebalancing of portfolios:
Bank stock such as JPMorgan Chase, Citigroup and Bank of America. JPMorgan and Citi fell 2.6% and 3%, respectively, while Bank of America lost 1.7%.
New York Gov. Andrew Cuomo said coronavirus cases in the state jumped by 14% overnight to more than 75,000.
Goldman Sachs said that the economy would go through an unprecedented plunge in the second quarter, but that the recovery would then be the fastest in history.
U.S. consumer confidence dropped less than expected in March. The Conference Board said Tuesday its consumer confidence index dropped to 120 this month from 132.6 in February, beating a Dow Jones estimate of 110.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told CNN that he is starting to see “glimmers†that social distancing is helping to lessen the spread of the coronavirus in the U.S.
The Dow was headed for its worst first-quarter performance ever, losing more than 22% of its value in the first three months of 2020. The S&P 500 is down 19.6% this quarter, the broader market index’s biggest quarterly losses since 2008. It was also headed for its worst first quarter since 1938.
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https://www.cnbc.com/2020/03/30/stock-futures-are-flat-following-rebound-from-coronavirus-sell-off.html
