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Stock market news live: Stocks close lower for fourth straight day

Javier E. David , Heidi Chung and Nishant Mohan
Updated 8 min read

In This Article:

U.S. benchmarks on Tuesday tried to claw back from the prior day’s ugly beating, sparked by the rising number of coronavirus cases outside of China. Home Depot’s earnings beat, along with constructive U.S. data, allowed investors to refocus momentarily on the fundamentals.

4:03 p.m. ET: Stocks close lower for fourth straight day

Here’s where the major indices were as of 4:03 p.m. ET:

  • S&P 500 (^GSPC): -3.03% or -97.59 points to 3,128.30

  • Dow (^DJI): -3.15% or -879.64 points to 27,081.16

  • Nasdaq (^IXIC): -2.77% or -255.67 points to 8,965.61

  • Crude oil (CL=F): -3.15% or -1.62 to 49.81 a barrel

  • Gold (GC=F): -2.07% or -34.70 to 1,641.90 per ounce

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3:09 p.m. ET: Fed ‘closely monitoring’ virus impact: Clarida

"We are closely monitoring the emergence of the coronavirus," Federal Reserve Vice Chair Richard Clarida said Tuesday at the National Association for Business Economics conference in Washington, Reuters reports. "But it is still too soon to even speculate about either the size or persistence of these effects, or whether it will lead to a material change in the outlook."

So far, the Fed has continued to signal it intends to hold rates steady.

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2:30 p.m. ET: Predictive markets bank on Trump victory in November

While much has been made about the state of the race for the Democratic presidential nomination, predictive markets have been quietly pricing in a Trump victory in November. Even throughout President Donald Trump’s impeachment woes, investors at the betting site Smarkets are banking on Trump being re-elected.

In fact, Joe Lee at Paddy Power told Yahoo Finance in a Tuesday interview that Trump’s odds of winning look good.

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1:00 p.m. ET: Wall Street hunkers in the red as virus fears roil the world

All major benchmarks are down over 1% in midday trading, with investors recoiling from official warnings about the coronavirus spreading. Italy’s casualty count has risen, while new cases have reportedly surfaced in Spain.

Here’s where the markets stood around 1:03 p.m.:

  • S&P 500 (^GSPC): 3,173.34, off 52.55, or -1.63%

  • Dow (^DJI): 27,476.38, off 484.42 or -1.73%

  • Nasdaq (^IXIC): 9,092.78, off 128.50 or -1.39%

  • Crude oil (CL=F): $50.43 per barrel, off $1.00 or -1.94%

  • Gold (GC=F): $1,647.80 per ounce, off 28.80 or -1.72%

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11:30 a.m. ET: ‘What does the bond market know?’

FILE - In this July 30, 2019 file photo, trader Gregory Rowe works on the floor of the New York Stock Exchange. An economic alarm bell is sounding in the U.S. and sending warnings of a potential recession. Yields on 2-year and 10-year Treasury notes inverted early Wednesday, Aug. 14, a market phenomenon that shows investors want more in return for short-term government bonds than they are for long-term bonds. (AP Photo/Richard Drew)
FILE - In this July 30, 2019 file photo, trader Gregory Rowe works on the floor of the New York Stock Exchange. An economic alarm bell is sounding in the U.S. and sending warnings of a potential recession. Yields on 2-year and 10-year Treasury notes inverted early Wednesday, Aug. 14, a market phenomenon that shows investors want more in return for short-term government bonds than they are for long-term bonds. (AP Photo/Richard Drew)

Veteran market watcher Jim Paulsen notes the the drop in Treasury yields — with the benchmark 10-year (TNX) plummeting to a record low in volatile Tuesday — is adding to investor jitters. The coronavirus-inspired volatility also begs another crucial question, according to Paulsen:

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