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Stocks – Wall Street Selling Intensifies as Virus Volatility Reigns

Stock MarketsMar 05, 2020 02:46PM ET
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© Reuters.

By Kim Khan 

Investing.com - Stocks remained sharply lower Thursday afternoon as the market felt pressure again from Covid-19 headlines and another plunge in yileds in the bond market.

The S&P 500 sank 3.2% and the Nasdaq Composite lost 2.8%. The Dow Jones Industrial Average tumbled 3.4% or 912 points.

The losses reversed a large chunk of Wednesday’s major gains, when enthusiasm about former Vice President Joe Biden’s Super Tuesday showing gave investors an excuse for a healthcare-stock-led rally.

But the one-day-surge-one-day-plunge action is more evidence that Wall Street is still in the dark about how much impact Covid-19 will have on economic activity and corporate bottom lines.

New York state said the number of cases it had confirmed doubled to 22, while the Trump Administration said it would fall far short of its promise to have 1 million Covid-19 tests available by the end of this week.

Bonds were back in rally mode, with the 10-Year Treasury yield at 0.926%. The benchmark yield earlier fell below 0.9% for the first time.

Airlines, travel sites and other hospitality stocks sank sharply as companies continued to cancel non-essential travel and corporate events and conferences.

Dow component Boeing (NYSE:BA) fell 7% on concerns that the dent in air travel demand would lead to canceled orders at a time the company is vulnerable to do its 737 Max grounding. That drop about 136 points off the blue chip index alone.

Stocks – Wall Street Selling Intensifies as Virus Volatility Reigns
 

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Comments (18)
Rod Cst
Rod Cst Mar 05, 2020 4:25PM ET
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Who's selling? really.
Yashodhan phatak
Yashodhan phatak Mar 05, 2020 4:25PM ET
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people who want to write off their losses on taxes...
secure us
secure us Mar 05, 2020 3:24PM ET
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a recession was in order anyway and this market meltdown is why many voted for trump in the first place, all hale the Czar Trump
Ernie Keebler
Ernie Keebler Mar 05, 2020 3:17PM ET
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Humanity is doomed, everybody just wants to make a buck off someone else's back. Fiat money systems are the work of the devil. Let's worry about treating others better, helping each other realize success in families, good living conditions, helping your neighbor not your pocketbook. I'm just dreaming
Damian Ciceri
Damian Ciceri Mar 05, 2020 2:07PM ET
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be greedy when others are fearful... stocks are slowly going on sale. time to buy businesses at a discount. stay the course and accumulate. dollar cost average the dips
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Alister Calpito
Alister Calpito Mar 05, 2020 2:07PM ET
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not yet time to be greedy.
Ho Ty
Ho Ty Mar 05, 2020 2:07PM ET
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not a big discount yet though, i think us equities are still expensive.. tho US market is fine on its own, its fine long term.. but gotta wait for nasdaq to dip below 8k first
Peter Cubelo
Peter Cubelo Mar 05, 2020 2:07PM ET
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you are a wise man
Brady Murray
Brady Murray Mar 05, 2020 2:07PM ET
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buying deep dips right now. small positions and will buy more into strength on the rebound once confirmed uptrend
Andrew carson
Andrew carson Mar 05, 2020 2:07PM ET
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Gold
Abe Lincoln
Abe Lincoln Mar 05, 2020 2:06PM ET
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This is All Left wing Loonancy! It's just a virus perpetrated to ultra levels by the lame stream media
Randall Paul
Randall Paul Mar 05, 2020 1:56PM ET
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longs regardless who is at fault or what's being said or not said. the reality is the virus is here. if this esculates, this could take a dump another 5000. points.
Mr Man
Mr Man Mar 05, 2020 1:36PM ET
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Almost everyone that has died from the coronavirus was over 70 years old. They are trying to crash the market.
Mike Roland
Mike Roland Mar 05, 2020 1:36PM ET
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actually a few 50 somethings.. and people with asthma and such. so I guess you dont give a ***about your parents and grandparents
Rod Cst
Rod Cst Mar 05, 2020 1:29PM ET
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The Globalist Hedgefund Masters will succeed crashing the market based on a flu hysteria. Congratulations
David Michon
David Michon Mar 05, 2020 1:19PM ET
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Stay firm in the market and buy more at the dip if you believe it will be higher 5 years from now.
virendra ajmera
virendra ajmera Mar 05, 2020 1:19PM ET
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Yes saying is true.....but people including me all want to be millionaires in a short period of time....but reality is one who invests in such hard time is only a real investor in all the senses.....
Eric Muncy
Eric Muncy Mar 05, 2020 1:12PM ET
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its actually still on the rise after last weeks plunge... everyday the markets are making higher highs and higher lows
negus luo
negus luo Mar 05, 2020 1:12PM ET
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yea its gonna have one more run up and next fed is still this month
Earl Shive
Earl Shive Mar 05, 2020 1:11PM ET
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I believe the financial reset is happening! Glad I was told about this 2 years ago.
Edwin Rivera
Edwin Rivera Mar 05, 2020 1:11PM ET
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Time to take advantage and switch to gold standard
Earl Shive
Earl Shive Mar 05, 2020 1:11PM ET
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You are right! Can't wait!
Andrew carson
Andrew carson Mar 05, 2020 1:11PM ET
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been there still there
ottin nerner
ottin nerner Mar 05, 2020 1:11PM ET
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buy on Corona Scare, sell on Biden wining bogus primaries.... lol
Daniel Tal
Daniel Tal Mar 05, 2020 1:11PM ET
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made 400 on spxu
Gershom Zvi
Gershom Zvi Mar 05, 2020 1:10PM ET
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Just time to stay away from stock market !!!
Madi Azibayev
Madi Azibayev Mar 05, 2020 1:10PM ET
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Yeah when this happens I just delete my stock apps so i have no clue whats going on with my portfolio. Otherwise you’ll have a heartattack checking it everyday.
negus luo
negus luo Mar 05, 2020 1:08PM ET
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time to jump
Mr Howell
Mr Howell Mar 05, 2020 1:00PM ET
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Next Week Monday Coronavirus will be under control but on Thursday next week it will be out of control again. 🙄
James Dorward
James Dorward Mar 05, 2020 12:56PM ET
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Almost time to pull out of market. Not looking like this downward spiral is going to stop anytime soon.
Abe Lincoln
Abe Lincoln Mar 05, 2020 12:56PM ET
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Two Biggest days ever were this week!! Keep up this is just a Media Farce for Biden that's All it is !
 
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