Stock market live updates: Dow drops 1,200, S&P 500 down 5%, virus cases jump

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The iShares MSCI Emerging Markets ETF (EEM) is down 6%, bringing its month-to-date losses to more than 21%. The ETF is on track for its worst month since October 2008. — Francolla, Stevens

While the broader market moves lower, shares of Walmart are up more than 5% as Credit Suisse upgraded the stock to an outperform rating on Wednesday. “We see this unfortunate period accelerating structural changes in consumer shopping, possibly by 5+ years, as they are introduced to new retailers and new shopping methods,” the firm said. Credit Suisse raised its full-year 2021 earnings estimates, saying the multi-channel retailer will benefit from a jump in online grocery and delivery, among other things. – Stevens

Stocks rebounded slightly from their steep opening losses. The Dow traded about 950 points lower after plunging 1,365 points at its low. The S&P 500 dropped 4% after tanking 5.6% at the open. Wall Street’s fear gauge the Cboe Volatility Index, known as the VIX, fell 6% to about 71, after hitting a record close of 82.69 on Monday. — L

Former Federal Reserve chairs Ben Bernanke and Janet Yellen are urging the central bank to buy corporate bonds. Though the authority to do goes beyond the central bank’s authority, it can get the permission from Congress. Bernanke and Yellen said doing so would “help restart” the investment-grade part of the market that “is under significant duress.” – Cox

Source: https://www.cnbc.com/2020/03/18/stock-market-today-live.html

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