ALL NEWS

Stocks push higher tentatively after worst drop since 1987

Mar 17, 2020, 8:08 AM
A man wearing a mask walks by the New York Stock Exchange, Tuesday, March 17, 2020. Share prices ar...
A man wearing a mask walks by the New York Stock Exchange, Tuesday, March 17, 2020. Share prices are volatile after a brutal sell-off that gave the U.S. stock market its worst loss in more than three decades. Markets in Europe lost early gains and were trading lower on Tuesday (AP Photo/Mark Lennihan)
(AP Photo/Mark Lennihan)

NEW YORK (AP) — U.S. stocks jittered higher at the start of trading Tuesday, a day after plunging to their worst loss in more than three decades, as uncertainty about how badly the coronavirus will hit the economy continues to dominate markets.

The Trump administration is proposing a roughly $850 billion stimulus plan to help the economy, including relief for small businesses and the airline industry, as well as a tax cut for wage-earners, sources told The Associated Press. The travel industry has been among the industries hardest hit by the outbreak, as planes sit grounded and hotels and casinos shut their doors.

Trading is unsettled around the world beyond the S&P 500, where an initial gain of 3.2% trimmed to 1% within 10 minutes. European stocks swung from gains to losses. South Korean stocks fell to their fifth straight loss of 2.5%, but Japanese stocks shook off an early loss to edge higher.

Stocks have had a few rebounds since the market began selling off in mid-February on worries that COVID-19 will slam the economy and corporate profits. But all have ended up short-lived. The S&P 500 has had four days in the last few weeks where it surged more than 4%, a remarkably large amount in normal times, and has slumped more than 2.8% the following day each time.

The S&P 500 is nearly 28% below its record set last month and is back to where it was in late 2018, erasing most of the best year for stocks in decades.

The big question for investors is when the new coronavirus will slow its spread, and when the economy can begin to recover from shutdowns affecting a growing list of industries by the day, from airlines to restaurants.

The virus has spread so quickly that its effects haven’t shown up in much U.S. economic data yet. A report on Monday about manufacturing in New York State was the first piece of evidence that manufacturing is contracting due to the outbreak.

“The global recession is here and now,” S&P Global economists wrote in a report Tuesday.

They say initial data from China suggests its economy was hit harder than expected, though it has begun to stabilize. “Europe and the U.S. are following a similar path,” the economists wrote.

The S&P 500 was up 1%, as of 9:41 a.m. Eastern time. A day earlier, it plunged 12% Monday after President Donald Trump said the economy may be heading for a recession, its worst day since the Black Monday crash of 1987.

The Dow Jones Industrial Average was up 100 points, or 0.5%, at 20,289, and the Nasdaq was up 1.1%.

Today’s Top Stories

All News

At least 127 people are dead and hundreds more injured, police say, after chaos and violence erup...
Heather Chen, Raja Razek and Kareem El Damanhoury, CNN

Indonesia stadium riot: At least 127 people reported dead following soccer match, police say

At least 127 people are dead and hundreds more injured, police say, after chaos and violence erupted late on Saturday following an Indonesian league soccer match between two of the nation's biggest teams.
21 hours ago
The National Archives has told the House Oversight Committee that certain presidential records from...
Whitney Wild and Katelyn Polantz, CNN

National Archives says it still doesn’t have all Trump White House records

The National Archives has told the House Oversight Committee that certain presidential records from the Trump administration remain outstanding, citing information that some White House staff used non-official electronic systems to conduct official business.
21 hours ago
Sister Tracy Y. Browning, second counselor in the Primary general presidency, speaks during the Sat...
Waverly Golden

Saturday morning conference session makes history

During the Saturday morning session of the 192nd Semiannual General Conference of The Church of Jesus Christ of Latter-day Saints, Sister Tracy Y. Browning became the first Black woman to ever speak at a general conference.
21 hours ago
u of u student arrested...
Waverly Golden

Other paths to consider when thinking about attending college

Following the student loan forgiveness announcement, college is on everyone's mind. Dave Noriega takes an in-depth look at the alternatives.
21 hours ago
Around 1:02 p.m. this afternoon, a pickup truck with two occupants ended up in a ditch filled with ...
Waverly Golden

Pickup truck crash leaves two dead

The Utah Department of Public Safety says the occupants, a male driver and passenger sustained fatal injuries. 
21 hours ago
Firefighter Fred Woods assesses damages at Tragedy Springs (Jonathan Pierce Calfire)...
Dan Bammes

The sad history of Tragedy Spring

The Mormon Battalion historic site, high in the Sierras is in sad shape after windstorms and wildfires.
21 hours ago

Sponsored Articles

Young woman receiving laser treatment...
Form Derm Spa

How facial plastic surgery and skincare are joining forces

Facial plastic surgery is not only about looking good but about feeling good too. The medical team at Form Spa are trained to help you reach your aesthetic outcomes through surgery and through skincare and dermatology, too.
large group of friends tohether in a park having fun...
BYU MBA at the Marriott School of Business

What differentiates BYU’s MBA program from other MBA programs

Commitment to service is at the heart of BYU’s MBA program, which makes it stand out among other MBA programs across the country.
a worker with a drill in an orange helmet installs a door in the house...
Price's Guaranteed Doors

Home improvement tip: Increase the value of your home by weatherproofing doors

Make sure your home is comfortable before the winter! Seasonal maintenance keeps your home up to date. Read our tips on weatherproofing doors.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
A paper reading IRS, internal revenue service is pictured...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
Stocks push higher tentatively after worst drop since 1987