Traders work on the floor at the New York Stock Exchange, March 2, 2020.
Brendan McDermid | Reuters
7:10 am: Stocks set to rise, Nasdaq futures hit ‘limit up’
Stocks were poised to rally on Friday, with the Dow Jones Industrial Average futures were up about 700 points, implying a gain of more than 500 points at the open on Friday. S&P 500 futures were up about 3%. Nasdaq futures jumped nearly 5% and were ‘limit up,’ meaning no trades could take place above those levels.
U.S. equities got a boost from California Gov. Gavin Newsom’s statewide “state at home” order to curb the spike in infections of the coronavirus. Prices in oil rebounding and the dollar index weakening, after strengthening all week, also helped stocks.
Thursday’s market moves took a little breaking from the extreme volatility experienced lately. The Dow rose nearly 200 points, the S&P 500 rose 0.5% and the Nasdaq surged 2.3%.However, The Dow is still down more than 13% for the week, putting it on track for its largest weekly percentage loss since the financial crisis. — Fitzgerald
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