Rally Ends, Stocks Fall Again

Chris Gaetano
Published Date:
Mar 27, 2020
Stocks are down again after experiencing their best day since the 1930s, but markets are regaining lost ground on news of the upcoming stimulus package just approved by the House.

CNBC is reporting that, as of 3:22 p.m., the Dow Jones has lost 400 points after having risen 6 percent Thursday in its best day since 1931, while the S&P 500 lost 1.2 percent of its value while the Nasdaq lost 1.6 percent. While losses been slowly paring down over the course of the day (at a certain point the Dow had lost 600 points, for example) major indices remain more than 20 percent below its record highs. The Wall Street Journal, however, noted that even with this drubbing, markets have gained surprising amounts of strength this week, with the Dow set to gain 14 points over last week's figures.

One market area that is not so lucky is crude oil. Oil futures continued to take a beating as demand for fuel sharply contracts as economic activity slows down, according to MarketWatch. On the ground level, the number of active oil rigs has fallen more than it has in four years: This week, that count fell by 44, falling to 728, a loss of 278 compared to this time last year.

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