Stock market live updates: Dow up 300, Amazon leads tech, bottom in?

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

The Cboe Volatility Index, Wall Street’s preferred fear gauge, fell to its lowest level in a week, breaking below 60. It was last down 12.4 points, or 17%, at 59.62. Earlier this week, the VIX surged above 80 and breached its 2008 financial crisis high. — Imbert

Friday coincided with a quarter-end event called “quadruple witching,” when options and futures on indexes and individual stocks expire. This adds another source of volatility to the market’s roller-coaster ride amid the coronavirus uncertainty. “Given the recent outsized level of volatility we’ve seen on almost every day, this expiration could easily be a wild one,” said Matt Maley, chief market strategist at Miller Tabak. The Dow and the S&P 500 have been swinging between losses and gains during Friday’s morning trading. Quadruple witching usually sees a surge in trading volumes. Just about an hour into Friday’s session, the SPDR S&P 500 ETF Trust (SPY) has already traded more than 50 million shares, according to FactSet. — Li

Treasury Secretary Steven Mnuchin said Friday that the IRS will postpone Tax Day to July 15 from April 15 in an effort to blunt the impact of the coronavirus. Mnuchin added that, at President Donald Trump’s direction, all taxpayers and business will have this additional time to “file and make payments without interest or penalties.” — Franck

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

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