Stock market live updates: Dow down 300, New Yorkers ordered to stay home, Amazon leads tech

Stock losses accelerated around midday as the White House held a press briefing on the coronavirus. The Dow fell 141 points for a loss of 0.7%, while the S&P and Nasdaq were down 1.4% and 0.4%, respectively. – Stevens

Governor Cuomo said that 100% of the state’s workforce must stay at home, except for essential personnel. Stocks were trending lower before the Cuomo announcement and fell into the red as the headline hit. Investors may be worrying about just how economically disruptive the coronavirus may be. – Melloy

The Federal Reserve said Friday it would extend its asset purchase program into short-term municipal bonds. Thus far, the central bank has limited its efforts to Treasurys and mortgage-backed securities in an effort to keep liquidty flowing through the system and to stabilize credit markets. The announcement sent the iShares National Muni Bond ETF surging, last up 1.5%. – Cox, Li

Entertainment and travel stocks like MGM Resorts, United Airlines, Carnival Corporation and Hilton rose 10% or more in trading. Shares of these companies have been battered in recent weeks, as the global coronavirus pandemic has sharply decreased travel and discretionary spending. – Sheetz

Bitcoin on Coinbase surged more than 18% this week, on pace for its best week since June 28th when the crypocurrency gained 24.38%. Meanwhile, bitcoin futures (MAR) are up 25% this week, on track for their best week ever since the inception of the contract in December 2017. – Francolla, Li

Source: https://www.cnbc.com/2020/03/20/stock-market-live-today.html

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