Wall Street gave up a huge rally Tuesday as investors questioned if market sentiment had swung too quickly from being pessimistic to optimistic.
The Dow gave up a 900-point rally to close with a loss.
The S&P 500 and the Nasdaq gave up all their gains as well.
Nick Colas of DataTrek Research says the jury is still out on whether the bear market low set in March was truly the bottom.
SOUNDBITE (ENGLISH): NICK COLAS, CO-FOUNDER, DATATREK RESEARCH, SAYING: "The history is extremely clear about how market bottoms occur, however, what may be different or at least helpful this time is policymakers were so aggressive right after the crisis hit - - both from a monetary and fiscal side and we're not waiting for months and months and months like we did in 2008 and 2009.
If you listen to bullish commentators they'll say 'we've had enough stimulus to cut off that usual pattern of having to find a low after the initial drop,' and that's the conversation markets are going to have now." And there may be more stimulus coming.
Treasury Secretary Steve Mnuchin tweeted that Congress and the White House are working on $250 billion in additional help for small businesses forced to close or layoff workers.
Individual stocks on the move: Exxon Mobil announced it will slash spending by 30 percent this year after business was hit by the double whammy of a plunge in oil prices and weak demand.
But the money-saving measures didn't include plans to cut the billions in dividends paid out to investors.
Exxon shares rallied 2 percent.
Oil prices tumbled on Tuesday after the U.S. Department of Energy hinted it would not adhere to any production cut agreement at a meeting later this week by OPEC and its allies.
Both Saudia Arabia and Russia said they would only agree to deep cuts to their output if the U.S. agreed to cut as well.
A price war in the midst of global glut in supplies has lead to a crash in global oil prices.
Getty Images US stocks extended losses into Monday's close as a lack of stimulus progress cut into hopes for a pre-election deal. House Speaker Nancy Pelosi expedited talks on Sunday, setting a 48-hour deadline for the White House and Democrats to ink a deal. She later told Democrats that significant obstacles in reaching a compromise remain. Even if an agreement is reached, the bill is set to die in the Senate as Republicans push a $500 billion measure.
The S&P 500 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data brought buyers back to the market. Fred Katayama reports.
Wall Street's main indexes ended higher Wednesday to snap a three-session losing streak as investors jumped back in to take advantage of the pullback in technology-related stocks, a day after the Nasdaq confirmed correction territory. Fred Katayama reports.
On Wednesday, Tesla shares rallied as much as 10%. The rally added about $32 billion in market value to the company. Other tech stocks like Apple, Amazon were also in the green after the Nasdaq tumbled a record 10% in three trading days. On Tuesday, Elon Musk's Tesla saw its stock price plunge 21%, erasing $82 billion from its market capitalization. Business Insider reports that Tesla completed a $5 billion share sale and a five-for-one stock split last week.
U.S. stocks closed lower for a third straight session Tuesday as tech stocks extended their sell-off to send the Nasdaq into correction territory, while Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500. Fred Katayama reports.
As the Nasdaq fell 5% intraday Thursday, Crossmark Global Investments' Victoria Fernandez, who last month advocated trimming positions on big cap tech stocks, says the market may have further to drop. She tells Reuters' Fred Katayama investors should later buy consumer staples, utility, and energy stocks.
US stocks climbed on Wednesday with the S&P 500 and Nasdaq composite extending records. According to Business Insider, both indexes closed at all-time highs on Tuesday. The rally was partly spurred by sectors that have underperformed in 2020, including utilities and financials. Traders are closely watching for signs that Congress will sign on for another pandemic stimulus bill soon. Treasury Secretary Steven Mnuchin on Tuesday encouraged Congress to pass stimulus measures.
The S&P 500 and the Nasdaq reached new record closing highs on Monday. After the close, the keeper of the venerable Dow Jones Industrials average announced it will replace ExxonMobil, Pfizer and Raytheon with Salesforce, Amgen and Honeywell. Conway G. Gittens reports.
The top elected Democratic official said time to seal a massive coronavirus stimulus package before the U.S. election was running out, but she held out hope of reaching an agreement with the White House. This report produced by Zachary Goelman.
The highest-ranking Democratic lawmaker on Sunday said that despite differences with the Republican White House, she thought it possible to reach agreement on a large rescue package before Election Day. This report produced by Zachary Goelman.
As OPEC celebrates its 60th birthday, the group warns that oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year. Ciara Lee reports
Stock market analysts always worry around the time of a Presidential election. The markets can react unpredictably when a certain candidate gets elected. According to Stifel the S&P 500 will sell off initially if the Senate or Presidency remains Republican after the election. Business Insider reports that a note from Stifel says the S&P may fall following this election outcome. With the Republicans in charge hopes of a large fiscal stimulus will fade.
The S&P 500 ended lower on Thursday after a rise in weekly jobless claims compounded worries about a stalling economic recovery and fading hopes for more fiscal aid before the election. Fred Katayama reports.
Bharatiya Janata Party (BJP) candidate from Anuppur, Bisahu Lal Sahu, alleged that Congress candidate, Vishwanath Singh has mentioned his "mistress" and not his wife in the election form. While, Congress candidate Vishwanath Singh declined the allegation and said, "He (Bisahu Lal Sahu, BJP candidate from Anuppur) is speaking irrelevant things as he is losing election. I married my wife 15 years ago and we have two children. I'll file defamation case against him." Both are contesting in the upcoming Anuppur Assembly bypolls.