Stocks post biggest rally since 2008

Stocks soared Friday to post the biggest rally since 2008 as Wall Street rebounded from the sharp losses suffered in the previous session — Black Thursday II™ – the worst since the “Black Monday” market crash in 1987 due to COVID-19 cornavirus concerns.

Stock market has biggest rally since 2008CNBC:

The Dow Jones Industrial Average closed 1,985 points higher, or 9.4%, at 23,185.62. Friday marked the Dow’s biggest-ever point gain. The S&P 500 climbed 9.2% to 2,711.02 while the Nasdaq Composite surged 9.3% to 7,874.23. The averages posted their biggest one-day gain since October 2008.

Equities rallied to their session highs into the close after President Donald Trump also said 50,000 new coronavirus tests will be available next week. Trump also said he asked the Energy Department to purchase oil for the U.S. strategic petroleum reserve, boosting crude prices.

Apple and Facebook jumped more than 10% each to lead the so-called FAANG stocks higher. Google-parent Alphabet gained 9.3% while Amazon and Netflix both rose more than 6%.

“It almost seems as if the market has a gravitational force to that Dec. 24, 2018 low,” said Quincy Krosby, chief market strategist at Prudential Financial. “It feels as though the market wants to go back there… That said. there has been indiscriminate selling, which is good thing. That’s the kind of panic you wait for.”

MacDailyNews Take: Biggest crash since 1987! Biggest rally since 2008! Up, down, up, down… somebody let us off this thing!

22 Comments

  1. TDS’ers decried the Man’s words yesterday as the hinge that dropped the market. I bet the Man’s words were irrelevant to today’s record rise, per their Syndome affected minds?

            1. I didn’t say anything about Trump.
              Neither did TxUser.

              The temps in Sidney are like I said.
              The temps vary in other parts of the country.

              Also this from NYTimes
              “She did not say whether Mr. Hanks and Ms. Wilson had contracted the virus in Australia or brought it from the United States.”

              So what is your point?
              Are you suggesting Trump made up the idea that viruses usually die out in the hot summer months? Did he make this up and I am just a stupid follower??

              https://www.npr.org/sections/goatsandsoda/2020/02/12/805256402/can-coronavirus-be-crushed-by-warmer-weather

              It’s not that I defend Trump, it’s that I tire of idiots who can’t comprehend reality.
              Enjoy your fantasy Andromeda Strain scare.
              It won’t end as you hope….

            2. The “Orange chosen one” demonstrates over and over he is a master at defending himself and does not need anyone’s help. Have you not noticed?

              TowerTone put it BEST:

              “It’s not that I defend Trump, it’s that I tire of idiots who can’t comprehend reality.”

              Nuff said…

        1. Hanks, Wilson, and 44 other patients are in Queensland, where temperatures have been up to 88 in the last week (79 today) and very humid, conditions much less favorable for virus transmission than the American spring that is supposed to provide a miraculous cure.

        2. Another INDIRECT snide slam at the hardest working president of all time that lives rent free in your confused head. Meh.

          The president SAID “in theory” and “hope that’s true!”

          Nothing wrong with that statement! The vast MAJORITY of REASONABLE people AGREE.

          But not the USER’s and Little Mikey’s of the world that are infected terminally with a different virus — Trump Derangement Syndrome (TDS-N2020).

          Sorry, there is no cure…🇺🇸🦅

  2. The point is you, and others, decried his words as the reason for the tanking yesterday. Today, hope bubbled up because he had a plan to circumvent the virus. Yes, the market loves to hear dollars as stimulus, but the market rose prior to that announcement.

    I personally despise the throwing out of money to keep the party going, but the TDS’ers want their cake and eat it too and we have back to back days explicitly showing the hypocrisy.

    R&D’s have looong been throwing $$ to keep the train moving…you sound surprised, or at least you’re implying it’s something new.

    1. These words surely buoyed the market: “I don’t take responsibility at all.”

      Asked about dissolving the Directorate for Global Health Security and Biodefense, which had been part of the National Security Council until his administration, Trump stated snippily, “And when you say me, I didn’t do it. We have a group of people. I could ask — perhaps in my administration — but I could perhaps ask Tony about that because I don’t know anything about it.” Trump said. “You say we did that. I don’t know anything about it.”

      So either the president is senile, a bad manager, or he is lying about decreasing the nation’s preparedness for major health events.

      Explain.

      The markets are going to be bouncing around for weeks, because nobody can predict from here what happens. Was it the right thing for Trump to dither for 2 months? We can have that discussion. Was it okay for the administration to lie to the people, claim they had everything under control, dismiss the risks, and then in one week suddenly pull the panic cord? We can have that discussion too. But I refuse to accept that this is a matter of “TDS”. This is a matter of an untrustworthy leader screwing up what could have been a pretty decent week for Apple to release new products.

      I would advocate that right now, no amount of money is going to slow down this runaway train. You’re right, though, both parties will dig deep debt holes trying.

  3. What the market has been doing this last week is called “ringing” in signal processing terms. Basically the market is reacting to itself as much or more than any external phenomenon. It overreacts one day, overcorrects the next, and overreacts again. So tomorrow it will likely crash again.

    You can’t extract real data from this, because you can assign blame/credit to anything you want to. The real trends are in disguise – it’s little different from just not having market data for a few days.

  4. MDN is becoming more of a business/financial review site than a Mac tech site.

    I have no interest in capitalist run stock markets – run by and protected by the 1%. MDN needs to get back to its roots and post more articles about Macs.

    1. This article makes sense to me. Apple’s finances effect everything they do, so it makes sense for a Mac site to follow wall street. I certainly prefer this to the uncritical fawning over a portless iPhone that breaks all the add-ons we’ve been forced to buy.

      1. Why? Apple took on debt to finance its stock buybacks these last several years when the market was ballooned. That has proven a poor move. I hope Cook doesn’t burn any more cash on stock games. Now is a time to invest in company people and operations. If Cook wants to retire stock, he should exercise his options now and shift executives bonuses to restricted cash awards payable based on tangible company performance—not stock market hoopla. Defect rate on keyboards would be one meaningful metric.

        The indications whether AAPL is a good buy at this point is if they announce a new entry level phone, new geographically distributed manufacturing facilities, and price reductions across the board. Otherwise luxury retailer Apple cash flow in the long run may be as bad as any other company.

        Apple Services isn’t a silver bullet. Once customers get through the one or two AppleTV shows worth watching, smart consumers will cancel subscriptions to help balance their shrinking budgets. Same thing with app sales. Kids may have to make do with the games they already own.

        As the algorithms whipsaw the market back and forth, small investors are best advised to sit tight until Apple provides guidance. It’s not going to be pretty for the rest of this year. Especially since lack of viral testing capability means most local health agencies are flying blind.

    2. MDN is nothing but a political hack for the 1%. Trickle down is their religion, smug condescending criticism of cherry picked MSM copy is their lame offerup. When not sucking orange dick, this site tells everyone incessant rumors about Mac getting dumbed down into a stupid iPad OS. Or they flip flop about whether Cook is a good leader this week or not. They spend zero time offering Mac reviews, tips, support, or recommendations.

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