“US stocks had a rebound this week, and all major US stock indexes closed higher. But it could still be too early to call this the bottom for the US stock market. Could it be that the stock market has already discounted all the negative implications of the coronavirus outbreak, and it reacts positively to any negative financial news? Like the record weekly US initial jobs claims surpassing the reading of 3 million posted this week. I am not so sure about that.”
The US stock market weekly performance for the week ending on Friday, March 27, 2020, is:
Dow Jones Industrial Average (DJIA): Daily close at 21636.78 -915.39 -4.06%, 5-day change +12.84%
NASDAQ Composite Index (COMP): Daily close at 7502.38 -295.16 -3.79%, 5-day change: +9.05%
S&P 500 Index (SPX): Daily close at 2541.47 -88.60 -3.37%, 5-day change +10.26%
Russell 2000 Index (RUT): Daily close at 1131.99 -48.33 -4.09%, 5-day change +11.65%
Major stock indexes
All major stock indexes closed higher, Dow Jones Industrial Average had the biggest gains +12.84%. The stock market bounced off its lows this week, even with a significant decline on Friday, March 27, 2020.
After a 3-day rally, the US stock market closed lower, and all major stock indexes had losses of more than 3%. Dow Jones Industrial Average fell more than 900 points. This is the latest stock market data at close on Friday, March 27, 2020:
US stocks had a pause today and all major stock indexes fell more than 3.5% after the recent 3-day stock market rally. Dow fell more than 900 points. The selloff for stocks gained momentum in the past 2 hours of the trading session. At close, this is the stock market update:
The bond market is still undecisive, all the 10-year bond yield cannot move significantly higher for now. If there is a stock bottom formed then the risk-on mood and sentiment may result in bond selling, bond yields higher, and a rotation of funds into riskier financial assets such as stocks, equities.