Dow futures ‘limit up’ the morning after history-making 2,350-plus-point plunge
U.S. stock-index futures were in bounce mode on Friday, rising sharply and hitting their daily price limit, a day after Wall Street suffered its biggest one-day plunge since the October 1987 crash.
On Thursday, the Dow and S&P 500 suffered their worst day since the “Black Monday” crash of Oct. 19, 1987. The Dow Jones Industrial Average DJIA, -9.98% plunged 2,352.60 points, or 10%, to end at 21,200.62. The S&P 500 SPX, -9.51% shed 9.5%, or 260.74 points, to close at 2,480.64. The Nasdaq Composite Index COMP, -9.43% tumbled 9.4%, or 750.25 points, to finish at 7,201.80.
Stocks plunged Thursday as liquidity fears joined the coronavirus pandemic and its effect on the economy in rattling investors. The Federal Reserve on Thursday said it would inject $1.5 trillion of temporary liquidity into the financial system, but it did little to reassure traders, who were apparently dismayed by the lack of concrete plans from President Donald Trump in his address Wednesday night, and disappointed that Congress has not yet come to an agreement on a wide-ranging aid bill.
Analysts and investors were debating whether this week’s carnage, punctuated by Thursday’s drop, would mark near-term capitulation that would leave room for a retracement of recent losses.
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