Stock market news for US stock market, US stocks, February 24, 2020
“Dow plunges 1,000 points, posting its worst day in two years as coronavirus fears spike”, Source: https://edition.cnn.com/2020/02/23/business/stock-futures-coronavirus/index.html
“U.S. Stocks Plunge as Coronavirus Crisis Spreads.
Investors in the United States have mostly shrugged off the impact of the coronavirus ravaging China. That changed on Monday, when news of the outbreak’s spread drove them to sell stocks — at a furious pace.
The S&P 500 index, which had reached a record high as recently as Wednesday, fell 3.4 percent, its worst single-day performance since February 2018. As analysts issued new warnings that the outbreak could drag down economies around the globe, stocks fell enough to wipe out all of the index’s gains for 2020.
It was a turbulent day for stocks worldwide: European markets recorded their worst session since 2016, and major benchmarks in Asia also closed down.”, Source: https://www.nytimes.com/2020/02/24/business/stock-market-coronavirus.html
US stock market plunged on Monday, February 24, 2020, a strong selloff with all major stock market indices closing lower, all of them having losses more than 3%, tech stocks took the biggest hit, as Nasdaq fell the most, -3.71%. What will be the economic effects of the coronavirus on the stock market and global economy? Is it time for defensive stocks?
How stock market, US stocks closed on Monday, February 24, 2020-Financial and business news
- S&P 500: 3,225.89, -111.86(-3.35%)
- Dow 30: 27,960.80, -1,031.61(-3.56%)
- Nasdaq: 9,221.28, -355.31(-3.71%)
- Russell 2000: 1,628.10, -50.51(-3.01%)
Stocks biggest gainers
United Therapeutics Corporation (UTHR) was among stocks biggest gainers closing at 115.35+8.39 (+7.84%).
Stocks biggest losers
Ballard Power Systems Inc. (BLDP) was among stocks biggest losers closing at 11.15-1.99 (-15.14%).
Stock investing | Stock trading | Most active stocks
Ford Motor Company (F) was among most active stocks closing at 7.57-0.32 (-4.06%).
U.S. Sectors & Industries Performance
All Sectors closed lower, indicative of the strong selloff for the stocks. Energy was the worst performing sector -4.74%, Utilities was the best performing sector -1.16%.
Notable earnings today include Home Depot (HD). Important economic data for today is the release of the Conference Board’s February consumer confidence index.
Stock market update
This report is written by Stavros Georgiadis, CFA , Equity Research Analyst, Investment Strategist.