Stock Market News For Mar 2, 2020
Zacks Investment Research | Mar 01, 2020 10:09PM ET
Rising concerns about coronavirus outbreak dragged major benchmarks in the negative territory on Friday. However, stocks pared losses after the Federal Reserve Chairman Jerome Powell said that central bank is “closely monitoring developments” about coronavirus’ impact on economy. This helped the Nasdaq Composite to end in the green.
The Dow Jones Industrial Average (DJI) fell 357.24 points or 1.4%, to close at 25,409.36 and the S&P 500 fell 24.54 points or 0.8% to close at of 2,954.22. Meanwhile, the Nasdaq Composite Index closed at 8,567.37, gaining 0.89 points. The fear-gauge CBOE Volatility Index (VIX) decreases 8.2% to close at 36.84. Declining issues outnumbered advancing one for a 5.56-to-1 ratio on the NYSE and a 2.95-to-1 ratio on the Nasdaq favored decliners.
How Did the Benchmarks Perform?
All the 11 sectors of the S&P 500 were in the red with the utilities, consumer staples and real estate and financial sectors falling more than 3% on Friday. Airlines have been hit the most by this coronavirus pandemic. Shares of American Airlines Group, Inc. (NASDAQ:AAL) a Zacks Rank #3 (Hold) company, dropped 7.5% on Friday. You can see Zacks Investment Research
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