This is a live blog. Please check back for updates.
Bank of America does not think it’s quite time to step in just yet. Savita Subramanian, the firm’s chief U.S. equity and quant strategist, said she’s “still neutral, but if correction continues, buy” in a note. Subramanian is maintaining her S&P 500 3,300 year-end target, which is about 4% higher from where it is now. But the strategist notes that technical factors and supply chain disruptions from the coronavirus suggest the washout has a little further to go. She also said that the Treasury market is pricing in 50 basis points of Fed rate cuts this year.â Melloy
CNBC’s Jim Cramer said he is now less negative about the coronavirus and suggested investors put cash to work Wednesday. “I came into this thing hating things. I don’t hate them as much,” he said, citing the recent comments about a potential vaccine from Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases. “Let’s say you have 20% cash, you’re not going to put 1% to work?” Cramer said. âÂ Stankiewicz
The Dow quickly added to its gains in morning trading, now up 315 points, rebounding from a brutal sell-off earlier this week. Big tech is leading the comeback, with Microsoft and Netflix rising 2.2% and 3.2%, respectively. Apple rose 1.4%, after dipping into correction territory in the previous session.â Li
The Dow climbed about 150 points at the open, recovering a fraction of the losses from this week’s monster stock rout. The 30-stock benchmark plunged 1,900 points in just two days amid increasing fears about the coronavirus. The S&P 500 posted back-to-back losses of more than 3%, suffering its biggest two-day drop since 2015. Traders will look for more updates on the epidemic for signal, including a briefing from President Donald Trump this evening.â Li