U.S. Stocks wiped out Tuesday's gains during the downward spiral of Wednesday trading. After the World Health Organization declared that COVID-19 was a global pandemic, the Dow Jones Industrial Average tumbled more than 1,200 points and ended the day resting in a bear market.
The Federal Reserve Bank of New York announced on Wednesday that it will begin more repurchase agreement (repo) operations on Thursday. The Fed will offer at least $175 billion in overnight repo purchases continuing through April 13. "These operations are intended to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures that could adversely affect policy implementation," the Fed issued in a statement. "They should help support smooth functioning of funding markets as market participants implement business resiliency plans in response to the coronavirus."
Here's how the market closed at mid-week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, only 13 companies on the S&P 500 are trading positive this week: Advanced Auto Parts
In Stock Sector News, every sector plunged deep into the red Wednesday following more investor concerns about the future of the global economy. The performance declines were as follows: Industrials -5.94%, Financials -5.52%, Energy -5.46%, Real Estate -5.44%, Consumer Discretionary -5.36%, Utilities -5.10%, Consumer Staples -4.89%, Materials -4.76%, Information Technology -4.70%, Communication Services -4.33% and Health Care -3.91%.
Lastly, in Commodity and Currency News, crude oil prices fell from the gains they had made on Tuesday. Saudi Arabia and United Arab Emirates had both vowed to increase production on Wednesday, thus escalating the global price war. West Texas Intermediate
