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Stocks - Late Selling Hits Dow as U.S. Sees Surge in Covid-19 Infections

Stock MarketsMar 27, 2020 04:01PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com - Wall Street plunged amid late selling Friday, even as the United States' economic battle against the Covid-19 pandemic received a major boost on the House of Representatives passing the $2 trillion economic rescue package.

The Dow fell 4.06%, or 915.39 points. The S&P 500 lost 3.37% and the Nasdaq Composite fell 3.79%.

President Donald Trump signed the $2 trillion stimulus package just after market close. It's the largest aid package in U.S. history and one that many hope will go a long way to ensuring the economy bounces back quickly from a widely-expected recession.

The key measures of the bill include fiscal support to small as well as large businesses, and checks to ordinary Americans at time when the U.S. infections of Covid-19 have topped 90,000, above China's 81,000 and Italy's nearly 87,000.

The aviation sector, which is in desperate need of help, remained under pressure, with United Airlines (NASDAQ:UAL) and American Airlines (NASDAQ:AAL) falling sharply on concerns the government support included in the stimulus bill will not offset a prolonged slump in travel demand.

Energy and technology stocks were among the biggest declines amid late-day selling as investors remain wary of holding onto bullish bets over the weekend amid the ongoing Covid-19 pandemic.

Energy slumped 7%, paced by a decline in oil prices on fears of deeper virus-led weakness in oil demand at a time when Saudi Arabia and Russia are engaged in a price war.

Stocks - Late Selling Hits Dow as U.S. Sees Surge in Covid-19 Infections
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Comments (22)
BALAJI HEALTHCARE
BALAJI HEALTHCARE Mar 28, 2020 11:31PM ET
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Sell all equities sit on a cash.
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Eric Leong
Eric Leong Mar 28, 2020 11:19AM ET
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im feel something big will happen soon
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owolabi adefalujo
owolabi adefalujo Mar 27, 2020 11:30PM ET
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Repent ye, for the kingdom (the second coming of the Lord) is at hand. Read your Bible very well. The Lord will open your eyes to see beyond the era of the covid19.
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rob finch
rob finch Mar 27, 2020 7:42PM ET
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do we have more infections? or do we have more confirmed cases? big difference.
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stephen kaminski
stephen kaminski Mar 27, 2020 7:42PM ET
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Have we tested more? Are China's numbers accurate? it's all very misleading....
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John Mars
John Mars Mar 27, 2020 7:42PM ET
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That is the same exact thing...
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Deepak Mangtani
Deepak Mangtani Mar 27, 2020 7:42PM ET
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Well, u cannot know how many ppl r infected. If u want accuracy, u will have to test 300 million ppl, which is pretty unfeasible, plus it would require a lot more medical resources than we can absolutely afford.
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Donkey Tablevillage
donkeybridge Mar 27, 2020 7:42PM ET
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My "because" for late selling is simply profit-taking after an exceptional week...
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Rob Nash
Rob Nash Mar 27, 2020 7:42PM ET
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@John Mars.... the two are not the same. The distinction to which @rob finch is alluding is whether or not the surge in cases is due to more people actually becoming infected versus the result of the increased level of testing finally beginning to catch up with the existing case load. Most likely, it is a mixture of both since testing had lagged behind due to some early mistakes in the original CDC test kits and bureaucratic red tape at the CDC and FDA that hindered local testing efforts. From an epidemiological perspective, it's critically important to understand how big of a factor each component plays in the uptick in cases so we can better understand how well current measures are doing at curbing the spread of the disease.
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saleha n vali mohammad
saleha n vali mohammad Mar 27, 2020 6:56PM ET
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$2trilian package already priced in last week... carona surpassed it....... wil face the reality in coming days..
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jemin An
jemin An Mar 27, 2020 5:50PM ET
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Stimulus can't recover global weakened demand, supply chains, oil price, spreading virus and continueously rocket factories' retails' closure. It's designed to survive economy through the worst time. But 2 days market boomed too early, even all of those principals nothing to changed. We will see the real fear in market next week.
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John Brex
John Brex Mar 27, 2020 5:50PM ET
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Eh just print another 20 trillion, that will show em
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Matti Oskarinen
Matti Oskarinen Mar 27, 2020 5:50PM ET
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Come on.. Danger is real for a big fall.
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Tomas Taborsky
Tomas Taborsky Mar 27, 2020 5:50PM ET
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.. yes, global demand and unenployment situation are the key factors ..
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Fluffy Clucks
ChuckKay Mar 27, 2020 5:50PM ET
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Oh, you can bet your life stimulus can make for huge demand down the road--and not in the too distant future.  Once Corona is in decline look for things to come back strong.  I've often read investors look six months out.  Whether or not that applies here doesn't matter.  If you are good at doing your homework and have patience you will be rewarded handsomely.
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jemin An
jemin An Mar 27, 2020 5:50PM ET
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Hey bro, expert's prediction can be right, and also can be wrong. But one thing is very clear, last 2~3 days rally has no base, no rational reason. It will be a long and winding road, concerns about European broken economy, political use of Russia's oil policy, Chinese challenges aginst currency and global trading, unexpected long term virus spreading,,, Good luck and make Ur fortune!
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Lane Carrick
Lane Carrick Mar 27, 2020 5:28PM ET
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Stocks fell “even as the .... battle against the Covid-19 pandemic received a major boost on the House of Representatives passing the $2 trillion economic rescue package.” Old trading adage: buy on rumour, sell on fact.”
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Ha Fish
Ha Fish Mar 27, 2020 5:10PM ET
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Whos writing this ******? It dropped as infections increase. No it dropped because ppl took some profits! Yall are desperate for a headline.
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John Brex
John Brex Mar 27, 2020 5:10PM ET
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Obvious pump and dump. No one wants to bag hold for black monday
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Sun Moon
Sun Moon Mar 27, 2020 4:58PM ET
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The CDC has been saying FOR TWO WEEKS NOW that there will be "more cases" due to the increase in testing.  More cases that are detected ONLY THROUGH TESTING means the actual mortality rate is going down.  The virus is now known to be nowhere near as deadly as first thought. The Imperial College of London, which made the "prediction" that 500,000 UK residents would die, has now scaled that number back to 20,000.   Their prediction for the US - which was 2-3 MILLION, has also been scaled back accordingly.
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Mark Duval
Mark Duval Mar 27, 2020 4:58PM ET
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Almost everything you said is wrong, bless your heart :)
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John Doe
John Doe Mar 27, 2020 4:58PM ET
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LMAO. Amazing what lies the mind tells us when we are deep underwater. For everyone else, simply do your DD because this guy is obviously in a desperate situation. This virus is worst than anything we have ever seen and the dying hasn't even begun yet. One mutation before a vaccine is produced could while out 20 million people in 2 months.
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Troy Gasner
Troy Gasner Mar 27, 2020 4:58PM ET
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This thing is just getting started
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John Doe
John Doe Mar 27, 2020 4:58PM ET
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LMAO. Only 8% of the entire 2 trillion will be given to the very tax paying workers who created that 2 trillion in the form of a one time 1290 payment good enough to last a family of three about 10 days. But we should rejoice since we aren't slaves right? The rest is going to the owners and billionaires who, even if the stock market goes to 0 will still be filthy rich. The American dream is amazing.
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George Jetson
George Jetson Mar 27, 2020 4:49PM ET
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your telling m the more people we test th more cases we have? brilliant. who writes this ******
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Pietro Rosato
Pietro Rosato Mar 27, 2020 4:45PM ET
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it's like this was a big F'n surprise. optimistic buying the last two days like reality of what has happened around the world never happened. I hope they all lose everything in this market.
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Drew Whikehart
Drew Whikehart Mar 27, 2020 4:30PM ET
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China...FIFO...
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Jaime Penuela
Jaime Penuela Mar 27, 2020 4:19PM ET
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there is no buyback, good thing
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Thom Miller
Thom Miller Mar 27, 2020 4:19PM ET
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One Hit Donny Boy. He stops travel from China long after the virus has already “left the barn” and then thinks he’s saved us all from disaster. Way to go, Donny Boy! Sad.
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Jaime Penuela
Jaime Penuela Mar 27, 2020 4:18PM ET
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they should close the stock market during the pandemic
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Eric Andreas
Eric Andreas Mar 27, 2020 4:18PM ET
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it would be irresponsible to do so. to many people rely on invested savings,annuities, pensions, and other products. those securities need to maintain liquidity
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James Dorward
James Dorward Mar 27, 2020 4:18PM ET
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there is no liquidity anymore. We are gonna lose everything in our stocks.
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Hec Encinas
Hec Encinas Mar 27, 2020 4:18PM ET
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sell and that's it
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John Doe
John Doe Mar 27, 2020 4:18PM ET
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Sell your positions. Put your entire 401k in stable value. Come back in about 18 months.
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Bryon Wine
Bryon Wine Mar 27, 2020 4:17PM ET
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COVID-19 will fundamentally change the way people live yor a long time. That's something the trading algorithms and technical analysis fail to capture.
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Joker John Doe
Joker John Doe Mar 27, 2020 4:16PM ET
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junk justification - it kept going up all day despite increase infections
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John Batista
John Batista Mar 27, 2020 4:15PM ET
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Rip USD
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crown chakwal
crown chakwal Mar 27, 2020 4:15PM ET
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very good dear
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Justin Hanson
Justin Hanson Mar 27, 2020 4:14PM ET
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Fed money printer broke. Couldnt troubleshoot with IT workers from home
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Derick Smith
Derick Smith Mar 27, 2020 4:12PM ET
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Right.. BlackRock Inc. massive sell off
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