Check the background of this firm on FINRA's BrokerCheck.

Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

Check the background of this firm on FINRA's BrokerCheck.

Day Traders Diary

3/24/20

The major averages soared as the Dow Jones Industrial Average logging its best day in 87 years as investors bet U.S. lawmakers would deliver soon a stimulus bill. The Dow Jones rose 2,112 points or 11% to 20,704, notching its biggest one-day percentage gain since 1933. The S&P 500 rallied 9.4% to 2,447 for its best day since October 2008. The Nasdaq Composite surged 8.1% to 7,417, its best day since March 13. Both the Dow and S&P 500 rebound off their lowest levels since late 2016. It was the Dow's fifth-best day ever.

Chevron gained more than 22% to lead the Dow higher after the CEO said the energy giant would not cut its dividend. American Express and Boeing also rallied more than 20%. Energy was the best-performing sector in the S&P 500, soaring 16.3%, while industrials and financials each jumped more than 12%.

The market breadth was overwhelmingly on the positive side in a good sign this comeback could have legs. Advancers led decliners on the New York Stock Exchange by 12 to 1. Tuesday's surge followed yet another stormy day on Monday as investors swung back to pessimism and pushed the major indexes to new multiyear lows as a procedural vote in the Senate on a stimulus bill failed for the second time in 24 hours.

Stocks hardest hit by the shutdowns resulting from the coronavirus led the gains Tuesday. Shares of Wynn and MGM Resorts both surged more than 15%. Delta Air Lines jumped more than 21%. General Motors shares, meanwhile, climbed nearly 20% after the automaker announced it will draw about $16 billion from its credit facilities to mitigate the coronavirus' impact.

U.S. Treasuries retreated for most of the day but did close off session lows. The 2-yr yield rose eight basis points to 0.37%, and the 10-yr yield rose five basis points to 0.82%. The U.S. Dollar Index declined 0.5% to 101.96. Gold futures rose 6.0% to $1659.80/ozt to extend its weekly advance following some positive-minded commentary out of Goldman Sachs.

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.