Stock market news March 24, 2020

US stock market rallies, S&P 500 has the biggest gain in almost 12 years

“U.S. stocks had the best day in almost a dozen years as investors rediscovered their appetite for risk with Congress closing in on an unprecedented spending bill to prop up the slumping economy. The dollar halted a 10-day winning streak.

The S&P 500 rebounded from the lowest level since 2016, notching a third straight Tuesday turnaround — and the biggest one-day gain since October 2008 — after starting the week with a rout. The Dow Jones Industrial Average rose more than 11% to clock its biggest advance since 1933.”

Source: https://www.bloomberg.com/news/articles/2020-03-23/asian-stocks-look-to-steady-dollar-gains-markets-wrap

The expectation for a $2 trillion stimulus bill to help and support the U.S. economy is the main cause of this stock market rally.

Stock market today

S&P 500: 2,447.33,+209.93(+9.38%)
Dow 30: 20,704.91,+2,112.98(+11.37%)
Nasdaq: 7,417.86,+557.18(+8.12%)
Russell 2000: 1,096.54,+94.12(+9.39%)

Stocks biggest gainers

Air Lease Corporation (AL) was among stock gainers with a stock price at close of 22.40+6.99 (+45.36%).

Air Lease Corporation (AL) stock daily chart
Air Lease Corporation (AL) stock daily chart

Stocks biggest losers

MFA Financial, Inc. SR NT 42 (MFO) was among stock losers with a stock price at close of 4.5000-12.5000 (-73.53%).

MFA Financial, Inc. SR NT 42 (MFO) stock daily chart
MFA Financial, Inc. SR NT 42 (MFO) stock daily chart

Stock investing | Stock trading | Most active stocks

American Airlines Group Inc. (AAL) stock was among the most active stocks with a stock price at close 13.92+3.67 (+35.80%).

American Airlines Group Inc. (AAL) stock daily chart
American Airlines Group Inc. (AAL) stock daily chart

Stock Market, U.S. Sectors & Industries Performance

Energy was the best performing sector, +16.31%, Consumer Staples were the worst-performing sector +4.84%.

U.S. Sectors & Industries Performance
U.S. Sectors & Industries Performance

Source: https://eresearch.fidelity.com/eresearch/goto/markets_sectors/landing.jhtml

Stock earnings

Notable earnings today include Micron Technology, Inc. (MU).

Economic calendar

Important economic data for today are Durable goods orders.

Stock market update

All data about the stock market, stocks, stock investingstock trading is taken from Yahoo Finance, Fidelity, and stockcharts.com.

This report is written by Stavros Georgiadis, CFA, Equity Research Analyst, Investment Strategist.

Investing

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