Weak economic data, less than stellar corporate earnings, and of course most of all the continued spreading of the coronavirus headlines, all weighed on the markets today. It’s not surprising that stocks are down today given the global economic damage the virus can cause. What actually is surprising was the rally that we saw in stocks yesterday afternoon.
Stocks plummeted during the trading session and by the close the Dow Jones Industrial Average was down 607 points to finish the day at 28,252. The S&P 500 was down 58 points to close at 3,225. Gold was up $1.60 to trade at $1,590 per ounce, while oil was down $.55 to trade at $51.59 per barrel WTI.
As we mentioned earlier this week, this virus and it’s impact is completely unquantifiable at the moment. But, this is not a time to panic with regards to your investment allocation. We’ll monitor the situation over the weekend and let you know how things set up for next week. Remember, any global disruption will likely be met with central bank and government interventions. So, stay calm and let things play out.
Have a great weekend everyone and enjoy the Super Bowl.