Stock market live updates: S&P down 7%, trading halted at one point, Dow falls 30% from record at lows

This is a live blog. Here’s the latest. 

Around midday, the major averages were well off their session lows. However, they were still headed for steep losses on the day. The Dow was down nearly 8%, or 1,800 points, while the S&P 500 was down about 7% along with the Nasdaq. The averages were all down more than 11% earlier in the day before trimming their losses. —Imbert

Ron Temple, head of U.S. equities at Lazard, praised the massive move by the Federal Reserve on Sunday but said the federal government needs to do more to fight the coronavirus pandemic. “I would give the Fed an ‘A.’ I think the Fed recognized they did not have a lot of dry powder to work with. They also realized that if you don’t have a lot to work with, you’re better off trying to achieve a bit of a shock and awe to get the most bang for your buck … They’re doing all they can do.” Temple said that the relief bill passed by the House of Representatives has “giant loopholes” that can lead to people going to work sick and criticized how President Trump described the coronavirus website being worked on by Verily, a part of Google’s parent company. — Pound

  • Morgan Stanley upgraded Altria to overweight from equal weight.
  • Goldman Sachs downgraded American Airlines to neutral from buy.
  • RBC upgraded CrowdStrike to outperform from sector perform.
  • JPMorgan upgraded Clorox to overweight from underweight.
  • Jefferies upgraded Las Vegas Sands to hold from buy.
  • Wells Fargo upgraded US Bancorp to overweight from underweight.
  • Wedbush upgraded eBay to outperform from neutral.
  • Stifel downgraded United Airlines to hold from buy.
  • RBC downgraded Exxon Mobil to underperform from neutral.
  • Stifel upgraded Caterpillar to buy from hold.
  • RBC downgraded Harley-Davidson to underperform from sector perform.
  • Stephens upgraded Domino’s to overweight from equal weight.
  • Morgan Stanley named Procter & Gamble a top pick.
  • Morgan Stanley upgraded Costco to overweight from equal weight.
  • Raymond James upgraded Verizon to outperform from market perform.
  • Raymond James downgraded AT&T to market perform from outperform.

Here’s the full list of analyst calls. –Bloom.

In December of 2018 when the U.S. was embroiled in a trade war with China, stocks experienced their worst December since the Great Depression and briefly dipped into bear market. Currently, the Dow has breached these December 2018 levels but the S&P is still 5% off those lows. 

Here’s were stocks are compared to during December 2018:

  • Dow has hit its lowest level since April 19, 2017 when the Dow traded as low as 20,379.55
  • Russell 2,000 small caps have hit their lowest level since March 29, 2016 when the small caps hit a low of 1,075.48
  • S&P is still about 5% above its Christmas Eve 2018 closing low of 2,351.10
  • Nasdaq is about 15% its Christmas Eve 2018 closing low of 6,192.92
  • Energy/Materials/Financials/Industrials all below their Christmas Eve closing low
  • Tech is still over 33% above its Christmas Eve 2018 closing low, Comm Services is over 12% above and Staples are 11% above their Christmas Eve closing low. —Fitzgerald, Francolla 

Source: https://www.cnbc.com/2020/03/16/stock-market-today-live.html

You may like

In the news
Load More