Stocks Rally In Mixed Trading As Coronvirus Continues To Spread

Stocks are widely ranging today with investors digesting information after The WHO released data showing that a number of confirmed COVID-19 cases surpassed 5,000 in the United States on Tuesday, a more than fivefold increase over a week as states scramble to boost testing amid the new flu-like coronavirus contagion.

The Dow Jones Industrial Average has rallied nearly 750 points higher, or 3.75%, after sinking more than 200 points lower at one point and then climbing more than 1,000 points. The 30 stock index also dipped below 20,000 for the first time since February 2017 but is currently treading water above that key level. The S&P 500 rose 4.2% after briefly trading lower on the day. The Nasdaq Composite rallied a similar 4.5% after also making a leg down earlier in the session.

Benchmark stock index ETFs are following the mixed to higher trade-in markets today with the SPDR S&P 500 ETF Trust (SPY) up 4.1%, the SPDR Dow Jones Industrial Average ETF (DIA) up 3.9%, and the Invesco QQQ Trust (QQQ) up 6.35%, leading the three indices.

Treasury Secretary Steven Mnuchin said to reporters that the administration wants to offer emergency fund assistance to Americans “immediately” as the coronavirus crisis drags on, stating, “Americans need cash now.”

Across the country, the coronavirus has infected over 5,145 and killed at least 91 people as of noon Tuesday, according to data compiled by Johns Hopkins University. Worldwide, the virus has infected more than 189,386 people with the death toll-totally 7,504, according to Hopkins. The number of cases changes by the minute as test results roll in, and countries and U.S. states broaden their testing capacity.

“We know these measures will significantly disrupt people’s day-to-day lives, but they are absolutely necessary,” San Francisco Mayor London Breed said. “This is going to be a defining moment for our city, and we all have a responsibility to do our part to protect our neighbors and slow the spread of this virus by staying at home unless it is absolutely essential to go outside.”

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