CNN: Dow rallies 1,294 points, most in its history
US stocks rebounded sharply on Monday, with the Dow logging its biggest point gain in history.
Stocks are coming off their worst week since the 2008 financial crisis. The Dow (INDU) last week dropped 12.4%, while the S&P 500 (SPX) plunged 11.5%.
The Dow also recorded its worst one-day point drop in history on Thursday.
"If [the market is] priced to perfection and then something indicates that the perfection is a pipe dream, prices will come off," said Brad Cornell, emeritus professor of finance at UCLA, of last week's selloff. Prices are much more reasonable now, he added.
But Monday's rebound was strong. After a sharply higher open and some flipping between gains and losses mid-morning, stocks moved solidly higher.
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Update #1: Dow roars back from coronavirus sell-off with biggest gain since 2009, surges 5.1% (CNBC)
Update #2: Dow, S&P and Nasdaq score biggest point gains ever as stocks make coronavirus comeback (FOX News)
WNU Editor: From last Thursday's worst one-day point drop in history, to today's largest point gain in history. This is why I do not invest in the stock market.
4 comments:
That is why you wait and play the long game in stocks and mutual funds, it always goes up and down.
Damnit, I just put all my money into RONCO and Borchst Unlimited!
So let me guess
Step 1) learn from earlier hypes @ MERS/SARS and how scared buyers reacted those times
Step 2) work with your media partners (or media you own, see Bloomberg, Bezos etc they all own media) to ensure a good peak of scaredness in the population
3) Buy shorts and other stock options. Then sell it back a week later with massive gains. And you won't even be taxed
This goes on in a daily basis. The same approach for anything from oil to defence. Meanwhile you, the middle class, gets taxed on everything - including the masks some of you bought at inflated prices, only thinking "better be safe than sorry". But those masks don't help and the virus kills as many as the common flu
Our system is so corrupt and we are being played on the highest levels.
Amen brutha!
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