Skip to main content

US Markets | Markets Live updates: Stocks poised to roar back after bruising sell-off

Taylor Telford



U.S. markets are poised for a comeback after their worst day of trading since the 2008 financial crisis, with Dow Jones industrial average futures pointing to a more than 1,000-point comeback as investors cheered potential stimulus measures from the White House.
At an impromptu news conference Monday, President Trump announced plans to cut payroll taxes, relieve hourly workers, and offer targeted help for the airline, cruise, and hotel industries. He said more details about the economic response would be released Tuesday.
The move came a day after U.S. markets crated more than 7 percent on the dual threat of the coronavirus’s spread in the United States and the oil price war that erupted between Russia and Saudi Arabia over production targets.
“Markets are trying to force a policy response — from central banks and from Washington D.C. A basket of more aggressive monetary policy action is coming and how markets respond is the big question,” said David Bahnsen, chief investment officer of the Bahnsen Group, wrote in commentary Monday. “The market will get something resembling “zero bound” very soon, but that is not likely to be effective.”
Overseas markets also saw a bounce, with Japan’s Nikkei 225 closing up 0.85 percent and Hong Kong’s Hang Seng climbing 1.4 percent. European markets were surging more than 3 percent at midday, with the benchmark Stoxx 600 index getting a 3.6 percent lift.
Oil prices, which sank 25 percent to their lowest trading levels since the 1991 Gulf War Monday, bounced back too. Brent crude, the international oil benchmark, was up more than 8.5 percent to trade at a little more than $37 a barrel. Energy stocks which were pummeled amid Monday’s price war fears saw some recovery Tuesday in early trading. ExxonMobil was up more than 7 percent in premarket trading. Chevron was up 6 percent and Valero was up 2.75 percent.
The outbreak continues to spread at a rapid clip with more than 113,000 cases worldwide. The director of the World Health Organization called the threat of a coronavirus pandemic “very real.” More than 700 cases have been confirmed in the United States, with the virus present in more than 30 states and counting. 26 Americans have died of the virus so far.

Comments

Popular posts from this blog

Analysis | The Cybersecurity 202: How the shutdown could make it harder for the government to retain cybersecurity talent

By Joseph Marks 13-17 minutes THE KEY President Trump delivers an address about border security amid a partial government shutdown on Jan. 8. (Carolyn Kaster/AP) The partial government shutdown that's now in its 18th day is putting key cyber policy priorities on hold and leaving vital operations to a bare bones staff. But the far greater long-term danger may be the blow to government cyber defenders' morale, former officials warn. With the prospect of better pay and greater job security in the private sector, more government cyber operators are likely to decamp to industry, those former officials tell me, and the smartest cybersecurity graduates will look to industry rather than government to hone their skills. That’s especially dangerous, they say, considering the government’s struggle to recruit and retain skilled workers amid a nationwide shortage of cybersecurity talent. About 20 percent of staffers are furloughed at the De

Democrats call for investigation into Trump’s iPhone use after a report that China is listening:Analysis | The Daily 202 I The Washington Post.

washingtonpost.com By James Hohmann _________________________________________________________________________________ President Trump and Chinese President Xi Jinping visit the Great Hall of the People in Beijing last November. (Andrew Harnik/AP) With Breanne Deppisch and Joanie Greve THE BIG IDEA: If Democrats win the House in two weeks, it’s a safe bet that one of the oversight hearings they schedule for early next year would focus on President Trump’s use of unsecured cellphones. The matter would not likely be pursued with anywhere near the gusto that congressional Republicans investigated Hillary Clinton’s use of a private email server during her time as secretary of state. Leaders of the minority party have higher priorities . But Democratic lawmakers made clear Thursday morning that they will not ignore a New York Times report that Trump has refused to stop using iPhones in the White House, despite repeated warnings from U.S. intelligence offici

RTTNews: Morning Market Briefing.-Weekly Jobless Claims Edge Down To 444,000. May 13th 2010

Morning Market Briefing Thu May 13 09:01 2010   Commentary May 13, 2010 Stocks Poised For Lackluster Open Amid Mixed Market Sentiment - U.S. Commentary Stocks are on pace for a mixed start to Thursday's session, as a mostly upbeat jobs report continued to relieve the markets while some consternation regarding the European debt crisis remained on traders' minds. The major index futures are little changed, with the Dow futures down by 4 points. Full Article Economic News May 13, 2010 Weekly Jobless Claims Edge Down To 444,000 First-time claims for unemployment benefits showed another modest decrease in the week ended May 8th, according to a report released by the Labor Department on Thursday, although the number of claims exceeded estimates due to an upward revision to the previous week's data. Full Article May 13, 2010 Malaysia's Decade High Growth Triggers Policy Tightening Malaysia's economy grew at the fastest pace in a decade in