Stocks swing wildly and close higher: March 10, 2020

By CNN Business

Updated 7:58 p.m. ET, March 10, 2020
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4:22 p.m. ET, March 10, 2020

S&P 500 logs best day in more than two years

From CNN Business' Anneken Tappe

It was another turbulent day on Wall Street as stocks swung wildly from sharp gains to negative territory before closing higher at the end of the day. The Dow fluctuated more than 1,300 points between its lowest and highest levels before closing near the session's high.

Tuesday's gains followed Monday's heavy selloff, the markets' worst day since 2008.

  • The Dow ended up 1,167 points, or 4.9%, its third-best point gain on record.
  • The S&P 500 finished 4.9% higher. It was the index’s best day since December 2018.
  • The Nasdaq Composite rose nearly 5%, also its best day since December 2018.
3:43 p.m. ET, March 10, 2020

Stocks rally into the close

From CNN Business' Anneken Tappe

 Timothy A. Clary/AFP/Getty Images
 Timothy A. Clary/AFP/Getty Images

With less than half an hour before the closing bell, stocks are rallying once again.

It's been another crazy day on Wall Street. The Dow has swung more than 1,000 points between its highest and lowest points, and the major indexes briefly turned negative around midday.

But as the end of the day approaches, stocks are rallying towards their highs.

The Dow is up 3%, or 720 points, while the S&P 500 is up 3.2%.

The Nasdaq Composite is up 3.3%.

3:38 p.m. ET, March 10, 2020

Walmart confirms coronavirus in one of its stores and announces emergency leave policy

From CNN’s Cristina Alesci

Joe Raedle/Getty Images
Joe Raedle/Getty Images

Walmart (WMT) announced an emergency leave policy Tuesday after one of its store associates in Cynthiana, Kentucky tested positive for coronavirus, according to a memo from John Furner, US CEO of Walmart, Sam’s Club CEO Kath McLay, and Donna Morris, Walmart’s Chief People Officer.

The employee’s condition is improving, and she is receiving medical care, according to a memo to employees.

Walmart, the nation’s largest private employer, has been in contact with health experts and will “continue to take precautions and actions to keep our stores, clubs and other facilities clean and ensure the well-being of our associates, customers and members.”

3:23 p.m. ET, March 10, 2020

Barclays confirms member of staff tests positive for coronavirus

From CNN’s Cristina Alesci and CNN Business' Chauncey Alcorn

A member of Barclays (BCS) New York trading operation has tested positive for coronavirus, according to a company statement.

The health and safety of our staff, customers and clients is our top priority and we are providing every support to the member of staff and their family,” the bank said.

According to the statement, the employee has been in self-quarantine since March 3.  

The company cleaned and disinfected the employee’s workspace and surrounding area as well as undertaking additional deep-cleaning measures, the company said. Co-workers and who had close contact with the infected employee have been told to self quarantine.

3:27 p.m. ET, March 10, 2020

Home Depot is the top Dow stock this year

From CNN Business' Paul R. La Monica

Coronavirus fears may be gripping much of Wall Street, but Americans might still continue to invest in DIY projects for their houses.

Home Depot (HD) shares are the top Dow stock in for all of 2020. They are up 3% for the year thanks to a more than 6% rally Tuesday. Microsoft (MSFT) and Walmart (WMT) were slightly above break even point for the year as well.

Home Depot reported strong earnings and sales at the end of last month -- just as coronavirus concerns were starting to pummel the broader stock market. But Home Depot may also be benefiting from the struggles of its top rival Lowe's.

Shares of Lowe's (LOW) are down 15% this year, and the company reported sales that missed Wall Street's estimates last month -- one day after Home Depot issued its stellar results.

2:21 p.m. ET, March 10, 2020

Bank of America cuts global growth forecast for the second time in less than two weeks

From CNN’s Cristina Alesci and Anneken Tappe

Bank of America is cutting its 2020 forecast for global growth to 2.2% from 2.8%.

It's the second time the bank has trimmed its estimate in less than two weeks, as it weighs the impact of the surge in coronavirus cases outside of China. BofA cut expectations for US growth to 1.2% from 1.6%.

In a note to clients on Tuesday, the bank’s analysts said the virus' “main impact is a sharp weakening of leisure and retail activity with a small hit to labor supply.”

The analysts said they are concerned about “the slow public health response” in a number of countries and they note “financial conditions have tightened significantly.”

Policymakers' and investors' reliance on central banks to step up in times of economic uncertainty is also a concern for the BofA analysts. The Federal Reserve is playing only a supporting role in the response to the outbreak, they said.

The massive slump in oil prices this week is also hurting short-term growth prospects.

1:56 p.m. ET, March 10, 2020

Pence says insurers will cover telemedicine. This stock is soaring

From CNN Business' Paul R. La Monica

More patients may want to "visit" with their doctors remotely in light of the coronavirus outbreak. And Vice President Mike Pence said at the White House Tuesday that insurers will foot the bill for these services -- not consumers.

Pence made the remarks during a press briefing with President Trump to talk more broadly about a meeting they had with executives from health insurance companies. Shares of Teladoc (TDOC), a leading provider of virtual health care services, surged 6% on the news.

Teladoc has already gotten a big bump from investors betting that more health care professionals will be using the service to communicate remotely with patients. Shares are now up nearly 30% in the past month and 70% already this year.

12:38 p.m. ET, March 10, 2020

Turnaround Tuesday is giving investors whiplash

From CNN Business' Anneken Tappe

About half an hour after stocks pared their losses and dipped into negative territory, the rally seems to be back on.

The back and forth is keeping investors on their toes.

The Dow -- which has swung 1,106 points between its low and high points so far on Tuesday -- is up 300 points, or 1.3%, around midday.

The S&P 500 is back up 1.3%, and the Nasdaq Composite climbed 1.6%..

12:26 p.m. ET, March 10, 2020

Health insurance stocks are climbing

From CNN Business' Anneken Tappe

Shares of health insurers are climbing higher today after Vice President Mike Pence announced that several insurers agreed to waive copays for coronavirus testing.

Cigna (CI) is leading its peers, rising 6%. Humana's (HUM) stock is also up nearly 6%, while shares of Anthem (ANTM) rose more than 5.5%.

UnitedHealth (UNH) stock has climbed 2.6% around midday.

Pence also said that the insurers would extend the coverage for coronavirus treatment in their plans and that "all the CEOs agreed to 'no surprise billing.'"