A stock market rally attempt briefly gained steam, but the coronavirus stock market correction reasserted itself, with the Dow Jones, S&P 500 and Nasdaq composite giving up most of their weekly gains. The 10-year Treasury yields plunged below 1% and then kept falling sharply. Coronavirus cases continue to swell around the world, with a big increase in U.S. cases and several Covid-19 deaths. An emergency Fed rate cut failed to satisfy markets, though some various fiscal stimulus measures provided a brief support. More companies warned on the coronavirus while several tech giants ordered employees to work from home.
Zoom Video Communications (ZM) hit new highs as the coronavirus play reported strong earnings and guidance. Costco topped views and reported a late February flurry of pandemic shopping. Target (TGT) missed on revenue. Chinese e-commerce firms JD.com (JD) and Vipshop (VIPS) soared on earnings while New Oriental Education (EDU) and TAL Education (TAL) neared highs despite warnings on the coronavirus.
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