Day Traders Diary
The major averages rebound following the market's biggest sell-off in more than three months as investors grapple with lingering fears over a possible coronavirus outbreak.The Dow Jones Industrial Average jumped 187 points, or 0.7%, to 28,722, snapping a five-day losing streak. The S&P 500 climbed 1% to 3,276 while the Nasdaq Composite advanced 1.4% to 9,269. At its high of the day, the Dow was up more than 280 points.
Apple and Goldman Sachs led the Dow's gains, rising more than 1.8% each. The S&P 500 was led higher by the tech and financials sectors, both of which surged more than 1%. The two sectors were among the hardest hit as worries over the virus increased.
The Dow and S&P 500 had their biggest drop since October on Monday. The Dow plunged more than 450 points while the S&P 500 logged in its first pullback of at least 1% in 74 sessions. The Nasdaq also had its biggest one-day decline since August amid fears the spreading coronavirus could hurt the global economy.
Plenty of earnings came flooding in. United Technologies and Lockheed Martin rose 1% on earnings. Polaris jumped 5% on earnings while rival, Harley fell 3%.
The Philadelphia Semiconductor Index, which was among yesterday's worst-performing groups, rose 2.4%. All 11 S&P 500 sectors contributed to the rally, including five that rose at least 1.0%.
To the downside, 3M and Pfizer both fell 5% following earnings
U.S. Treasuries gave back some of their recent gains, sending yields modestly higher. The 2-yr yield increased three basis points to 1.46%, and the 10-yr yield increased four basis points to 1.64%. The U.S. Dollar Index finished flat at 97.98. WTI crude rose 0.7%, or $0.39, to $53.40/bbl.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.