Stocks – Dow Turns Positive as Wild Swings on Wall Street Continue

By Yasin Ebrahim 

Investing.com – The Dow turned positive in afternoon trading Monday, after U.S. Vice president Mike Pence said insurance companies would cover coronavirus treatment, but the broader market remained under pressure as the spread of the virus continued.

The rose 137 points, or 0.58%, from a low of about 160 points, though had been up more than 1,000 points earlier. The added 0.40%, gained 0.36%.

“All the insurance companies here, either today or before today, have agreed to waive all co-pays on coronavirus testing and coronavirus treatment in their benefit plans,” Pence said. “Medicare and Medicaid already made it clear to Medicare and Medicaid beneficiaries that coronavirus would be covered and treatment.”

The announcement delivered a slight boost to markets, but with sentiment on stocks still likely to driven by the latest virus headlines, investor worries about it becoming a global pandemic lurked in the background.

The uptick in risk assets, however, was led by technology as investors piled into beaten up FANG stocks, with Apple (NASDAQ:) rising more than 3%.

A rebound in Treasury yields from a historic day on Monday, when the Treasury yield fell to its lowest level ever, spurred a rally in financial, mostly banking stocks, which are vulnerable to a lower interest rate environment.

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