Last week at the close of an ugly week on Wall Street, Fox News’ Greg Jarrett interviewed Vision 4 Fund Distributors Vice President Heather Zumarraga, to ask her about the biggest one-day drop in the financial markets since the 2008 market meltdown.
Zumarraga expressed the need for investors to remain calm, as she explained that the more people listen to voices of reason about the coronavirus, such as Dr. Anthony Fauci, the director of NIAID, the more the markets will begin to return.
— Lou Dobbs (@LouDobbs) February 29, 2020
Today, Fox News is reporting that U.S. equity markets are surging, as Wall Street rebounds from its worst week since the financial crisis.
By the close of Wall Street today, US stocks rebounded sharply, with the Dow logging its biggest point gain in history.
The Dow Jones Industrial Average was up as much as 815 points, or 3.2 percent, while the S&P 500 and Nasdaq Composite were both higher by 2.9 percent. The rally comes after a volatile overnight session saw Dow futures swing by more than 1,100 points and the U.S. 10-year yield sank to a record low 1.03 percent.
Looking at stocks, consumer goods names rallied amid some signs consumers were hoarding goods just in case the outbreak causes lengthy home quarantines.
Meanwhile, Co-Diagnostics soared after announcing plans to provide coronavirus test kits to U.S. labs.
Stocks for airlines, cruise lines, and casinos continue to remain low, likely due to fear of contracting coronavirus.
Let’s hope this is the last time markets panic over the coronavirus.