overnight. the market bounce back, stocks bounce to a higher open after friday s 600-point rout, despite the chinese suffering biggest declines in years. coronavirus claiming more than 360 lives, more than 17,000 confirmed cases worldwide and the question for the markets is just how fast could this spread around the world and hurt the world economy? and facebook ceo preparing for a backlash, what the social network is planning and why mark stuckerberg says it s going to piss a lot of people off. stocks are looking to recoup some of friday s big losses. the market impact of the coronavirus was evident in china overnight. the first trading day since the new year holiday, shanghai closed down nearly 8%, wipes out nearly 400 billion in market value. friday s sell-off drove the dow and s&p into negative territory for january. the nasdaq up 2% for the year but everybody s talking about the degree to which china s shut down and how responsible though are for global growth. i
on lower east side. he was a jobber. his customers were all in new jersey. i would come with him on springfield avenue in newark. we would go to pattison in passaic. after the second world war, all the army and navy stores. i really got to know new jersey. my first wife was from bayonne new jersey. her classmate in high school was barney frank. who i got to meet when he was 16 years old. i always knew he would be a politician i m here to talk about something that can happened to me, happen to you. it can happen to your sons. it can happen to your nephews. it can happen to your husbands. i was on top of the world. i was 76 years old. i just retired from harvard after teaching there for 50 years without a single complaint ever leveled against me. i had highest teacher rating for many years. i mentored many students. i taught 10,000 students all together. i was being honored. i got honorary degrees. i got all kind of honors. it was a time in my life to sit back and really reflec
Goes. The european markets you ask, how did they fare . Lets take a quick look here. Theyre all in the red, though. Not too bad. As for the tenyear note yield and crude oil, the tenyear note inching up from yesterday and crude below 50 just hanging in there, wti down a little more than 1 . Lets get to our road map this morning. The ecb leaving Interest Rates unchanged and were live in vienna as opec leaders are set for a big meeting on production levels and teslas musk saying we could see an apple car by the end of the decade. Mario draghi holding a meeting now. He said he sees inflation likely to remain low or negative and sees the European Economic recovery proceeding at a moderate but steady pace. Nothing too surprising here, jim. Some are awaiting details on their ability to buy Corporate Bonds kicks in. Perhaps details will be shared there on what the plans are there, if any. Oil prices having moved up, the euro having moved lower seen as a positive but theyre still not really get
Recovering. We have seen the correlation between the two that we have talked so much about. All three major averages are higher. As we just heard scarlet and , are we seeing a rally or are we seeing a rebound . Take the dow as just one example. This is a two day chart. Declines yesterday. Gains equaling just about. 02 . There is a preponderance of gain or movement coming from a handful of stocks. If you look at the movement, you have financials, again, counting for a lot of gains, Goldman Sachs, jpmorgan, travelers are the three top games in the dow. I also want to take a look at the average point swings. This is a look at the increased volatility. This is the average daily point swing going back one year. The past year was 209. That seems pretty large. Except, this year it has jumped to 319. We have seen enormous swings on a daily basis. Its fun to talk about that with the dow because we are talking about hundreds of points. To do withof it has banks, but also oil. We saw yesterday th
Oil posted its best day in seven years gaining 12 on hopes of a possible Production Cut that we told you about last night. The Banking Sector also pitched in having its best day since 2011. Helped out by a big buyback that well tell you about in just a few moments. Some strong Economic Data helped out as well. Add it up and a recipe for a rally. The dow was up 2 to close at 15,973. Nasdaq rose 70. The benchmark s p 500 added 35. Thats also about 2 . For the week it was a different story. The dow was the big loser down nearly 1. 5 . The nasdaq and s p both off more than. 5 . Bob pesani has more on todays rally. Reporter the market cannot decide how it feels. All week we were in the usual quasipanic mode that characterized the entire year. Oil down, bond yields were down, gold up, yen strengthening, Global Stock Markets down. Then everything changed at 2 30 p. M. Eastern time yesterday. Oil trading at 26, a 12year low, turned around on remarks of the uae opec minister that opec may agree