Stock market loses 4% to end ugly weekDow -913.21 at 19174.04, Nasdaq -271.06 at 6878.87, S&P -104.47 at 2304.92 [BRIEFING.COM] An early rebound effort quickly turned into losses on this quadruple-witching expiration Friday, as investors continued to grapple with the persistent shutdown of the economy. The S&P 500 (-4.3%), Dow Jones Industrial Average (-4.6%), and Russell 2000 (-4.2%) declined more than 4.0%, while the Nasdaq Composite declined 3.8%. California ordered residents to stay at home, except for essential needs, until further notice last night, but stocks started today's session on a higher note amid hopes for a rebound. It wasn't until New York announced similar stay-at-home restrictions that optimism started to unravel, as it contributed to the notion that more states will follow suit to limit the spread of the coronavirus. Later, London announced the closure of pubs and restaurants, New Jersey ordered non-essential businesses to close, and the Chicago Tribune reported that Illinois will issue its own shelter-in-place order. President Trump also said that the southern border with Mexico will be closed to non-essential travel. Washington continued to work on a $1 trillion+ stimulus package to soften the economic impact caused by these disruptions, but today's orderly retreat suggested that it might not be enough to meaningfully address the magnitude of these shutdowns. According to Bloomberg, Treasury Secretary Mnuchin believes the stimulus bill is too small. Losses were widespread, but the energy sector (+1.0%) was able to buck the broader trend, and trim its huge weekly decline, despite an 8% decline in oil prices ($23.73/BBL, -2.17, -8.4%). The utilities (-8.2%) and consumer staples (-6.5%) sectors were today's weakest performers. The Fed remained active in trying to further support the financial system. On Friday, the Fed expanded its Money Market Mutual Fund Liquidity Facility (MMLF) to accept municipal debt and stepped up its purchases of Treasury and mortgage-backed securities. The New York Fed said it will now conduct two repo operations totaling $1 trillion for the rest of the month. U.S. Treasuries gained buying interest amid the selling in equities and actions taken by the Fed. The 2-yr yield declined three basis points to 0.37%, and the 10-yr yield declined 18 basis points to 0.97%. The U.S. Dollar Index finished flat at 102.72. Friday's economic data was limited to Existing Home Sales, which increased 6.5% m/m in February to a seasonally adjusted annual rate of 5.77 million units (Briefing.com consensus 5.50 million). This follows a downwardly revised 5.42 million (from 5.46 million) in January. The key takeaway from the report is that existing home sales activity was robust in February based on contract signings that happened in December and January. Next month could look reasonably good, too, but the excitement over this report has been tempered by expectations that a meaningful slowdown will soon follow because of the coronavirus impact. Looking ahead, the NYSE will temporarily shift to fully electronic trading on Monday and investors will not receive any notable economic data. Nasdaq Composite: -23.3%S&P 500: -28.7%Dow Jones Industrial Average: -32.8%Russell 2000: -39.2% Market Snapshot Dow19174.04-913.21(-4.55%)Nasdaq6878.87-271.06(-3.79%)SP 5002304.92-104.47(-4.34%)10-yr Note +27/320.881NYSEAdv 1295 Dec 1617 Vol 2.7 blnNasdaqAdv 1303 Dec 1971 Vol 5.2 bln Industry Watch Strong: Consumer Discretionary, EnergyWeak: Financials, Utilities, Consumer Staples Moving the Market -- Stocks falter, extend losses as economies continue to shut down: New York and California announce stay-at-home restrictions-- Fed announces it will increase daily repo operations to $1 trillion-- Longer-dated Treasuries advance for second straight day-- Heavy volume on quadruple-witching dayECONOMIC EVENTS: In the U.S., existing home sales rebounded 6.5% to a 5.77M rate in February, which was much stronger than expected. In energy news, The Wall Street Journal reported that U.S. oil sector regulators are set to open talks with OPEC on Friday in discussions that could help foster an agreement between the globe's three biggest oil producers and potentially resolve a Saudi-Russian price war that has hammered oil markets in recent weeks. In addition, Baker Hughes reported that the U.S. rig count is down 20 rigs from last week to 772. The Federal Reserve expanded its program of support for the flow of credit to the economy by taking steps to enhance the liquidity and functioning of crucial state and municipal money markets through the Money Market Mutual Fund Liquidity Facility. Also, The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing a coordinated action to further enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. In other Fed news, the Open Market Trading Desk at the Federal Reserve Bank of New York said it is making additional mortgage-backed securities purchase to "support the smooth functioning" of the agency MBS market. In Europe, the ECB announced further measures to ensure that its directly supervised banks can continue to fulfill their role to fund households and corporations amid the coronavirus-related economic shock to the global economy...These measures to mitigate credit risk come in addition to the capital and operational relief measures announced TOP NEWS: As major U.S. multinationals seek government assistance amid the COVID-19 pandemic, rental car companies Hertz ($HTZ), Avis Budget ($CAR), and Enterprise Holdings have asked the U.S. Treasury Department to include their sector in federal plans to bail out U.S. travel companies, Bloomberg reported yesterday. Bloomberg also reported last night that Apollo Global ($APO) has acquired a chunk of a loan arranged by a group of banks that will help United Airlines ($UAL) boost liquidity as the coronavirus hits the travel industry. The $2B one-year loan, which closed last week, is among those that lenders have been asked to set up to help companies in industries from cruise lines to casinos handle the travel and business disruptions that could last for months as a result of the outbreak, according to Bloomberg. Meanwhile, United Airlines CEO Oscar Munoz, President J. Scott Kirby, and labor leaders issued a message to nearly 100,000 United Airlines employees, in which they encouraged employees to send a letter or email to their representatives in Washington, D.C. urging them to take quick, bipartisan action to protect airline jobs. In the letter, Munoz and company said that if Congress doesn't act on sufficient government support by the end of March, "our company will begin to take the necessary steps to reduce our payroll in line with the 60% schedule reduction we announced for April," adding that "May's schedule is likely to be cut even further." Meanwhile, Reuters reported Boeing ($BA) is leaning toward a temporary work stoppage at its twin-aisle jetliner factories due to the spread of COVID-19. The news comes a day after the Wall Street Journal said that the company was weighing a dividend cut and layoffs to conserve cash. Also, the company said in a regulatory filing that Nikki Haley, former U.S. Ambassador to the United Nations and former South Carolina Governor, had resigned from the planemaker's board of directors. According to the filing, Haley told the company that, as a matter of principle, she does not believe the company should seek support from the federal government, and therefore opted to resign. Shares of Amazon ($AMZN) were in focus following several coronavirus-related stories. CNBC reported that the company has temporarily closed Prime Pantry due to "high order volumes" tied to the outbreak. In addition, Amazon Web Services launched a $20M coronavirus initiative for customers working on diagnostics solutions, and Missouri Attorney General Eric Schmitt announced a partnership with Amazon to combat price gouging related to COVID-19. MAJOR MOVERS: Among the noteworthy gainers was Yelp ($YELP), which rose 6.5% after it withdrew its first quarter and fiscal 2020 business outlook due to uncertainty surrounding the coronavirus outbreak. Also higher was Ollie's Bargain Outlet ($OLLI), which gained 1.9% after reporting quarterly results. Among the notable losers was Kohl's ($KSS), which slid 7.8% after it said it would close stores temporarily through April 1 and withdrew Q1 and FY20 guidance. Also lower was Bed Bath & Beyond ($BBBY), as its shares fell 7.7% after the company said it would temporarily close over 50% of its stores in the U.S. and Canada to help reduce the spread of coronavirus. Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page.