{"id":152127,"date":"2020-03-06T22:23:26","date_gmt":"2020-03-06T22:23:26","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=152127"},"modified":"2022-10-26T18:44:41","modified_gmt":"2022-10-26T22:44:41","slug":"another-day-of-panic-selling-over-coronavirus-as-opec-fails-to-cut-production","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/another-day-of-panic-selling-over-coronavirus-as-opec-fails-to-cut-production\/","title":{"rendered":"Another day of panic selling over coronavirus as OPEC fails to cut production"},"content":{"rendered":"
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Another day of panic selling over coronavirus…<\/h2>\n

Like last Friday, markets ended this week with a massive sell-off until the final half hour when a rally lifted indices off their day’s lows. However, this Friday’s ninth-inning rally couldn’t push markets into the green to close the week. The Nasdaq shed 3.48% Friday, merely 8 points above its Feb. 28 close, while the TSX closed -2.29% Friday, but lost 88 points. A graph of this week’s indices resembles a Rocky Mountain of spikes on Tuesday and Wednesday, because the feds slashed interest rates by 0.5%, plus Joe Biden won Super Tuesday in the Democrat race. Then, markets fell, because the number of coronavirus cases continued to climb as panic rose.<\/p>\n

Yes, panic. <\/p>\n

As of Feb.7, the common flu<\/a> had killed 10,000 Americans, while as of March 6, the coronavirus<\/a> has claimed 14 American lives and 3,400 Chinese souls. Scientists say the coronavirus resembles the flu, and flu season ends in April when warm weather arrives. Another point to consider: the number of new cases in China is declining and the Shanghai<\/a> Composite Index has risen 5.5% in the past month. Investors needn’t be virologists, but we must be clear-eyed rationalists to properly invest. In other words: take advantage of these dips, like JP Morgan<\/a> slipping 5.17% or Home Depot<\/a> losing 2.68%.<\/p>\n

A final note from Friday: OPEC<\/a> failed to agree on a production cut, because Russia effectively vetoed the idea. Unsurprisingly, WTI oil plunged below $42 and WCS tumbled past $28. Also, it was no surprise that Vermilion Energy<\/a> slashed its massive dividend and slid over 18%.<\/p>\n

🏛 JP Morgan Chase & Co<\/a> -5.17%
\n🛠 Home Depot<\/a> -2.68%
\n🛢 Vermilion Energy Inc<\/a> -18%<\/p>\n","protected":false},"excerpt":{"rendered":"

Join Stockchase Premium & Unlock Experts Ratings Another day of panic selling over coronavirus… Like last Friday, markets ended this week with a massive sell-off until the final half hour when a rally lifted indices off their day’s lows. However, […]<\/p>\n","protected":false},"author":12,"featured_media":345019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[178],"tags":[],"class_list":["post-152127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/152127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=152127"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/152127\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/345019"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=152127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=152127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=152127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}