Diamonds and Dogs
Airlines finally bouncing. Delta Airlines (DAL) is up 2% after making a new 52 week low earlier in the day. The International Air Transport Association, or IATA, estimates that the airline industry globally could take a hit of up to $113 billion from virus-related travel disruptions. The Trump administration is mulling tax relief for airlines, cruise liners, and other travel companies while some analysts and experts are coming to the defense of a stocks.
Oil still not bouncing. Oil is down 8% biggest plunge since 2015 after Russia refused to bend to Saudi Arabia's wish for output cuts aimed at offsetting the coronavirus crisis's impact on demand. The largest US producer, Exxon Mobil (XOM) is down 3% to a 52-week low and down 40% from the highs back in April of last year. Exxon is trading at a more than ten year low.