Stocks post big declines but cut losses into the closeDow -1338.40 at 19898.98, Nasdaq -344.94 at 6989.20, S&P -131.09 at 2398.10 [BRIEFING.COM] The S&P 500 fell 5.2% on Wednesday, although it did drop as much as 9.8% intraday as pandemic fears continued to hit not only stocks but also Treasuries and commodities. A strong finish also pared losses in the Dow Jones Industrial Average (-6.3%) and Nasdaq Composite (-4.7%) but did little for the Russell 2000 (-10.4%). Despite the coordinated stimulus packages announced by central banks and the massive stimulus plans laid out by Washington, confidence was lacking due to the growing outbreak of COVID-19 and the continued shutdown of the economy. Shortly before the close, the Senate finally passed the House bill that provides unemployment and sick leave benefits. Selling was widespread and was made most pronounced in the cyclical energy (-14.3%), financials (-8.7%), and industrials (-7.2%) sectors. The energy space was crushed by the 24.4% collapse in WTI crude ($20.42/BBL, -$6.06), which fell to its lowest level since 2002. The communication services sector (-2.8%) declined the least today. As part of the proposed $1 trillion stimulus package, the Treasury Department clarified today it would seek $300 billion for small business interruption and a secured lending facility of $50 billion for airlines. Separately, the FHFA announced the suspension of foreclosures and evictions for 60 days for enterprise-backed mortgages. New measures taken to contain the virus included the closure of the U.S.-Canadian border for non-essential traffic and President Trump invoking the Defense Production Act, which gives the White House the right to require companies to manufacture medical supplies in short supply. Boeing ($BA 101.89, -22.25, -17.9%), meanwhile, asked for at least $60 billion of aid, including loan guarantees, for the aerospace industry. AT&T ($T 32.85, -0.89, -2.6%), Simon Properties ($SPG 44.92, -13.94, -23.7%), and the big three U.S. automakers were among the latest companies to temporarily close or reduce operations. Safe-haven assets like gold ($1516.40/OZT, -$8.46, -0.6%) and U.S. Treasuries weren't so safe today, with losses suggesting that many investors were raising cash in these uncertain times. Longer-dated maturities remained under heavy selling pressure amid the view that more debt will be needed for the massive fiscal stimulus plans. The 2-yr yield rose seven basis points to 0.52%, and the 10-yr rose 27 basis points to 1.27%. The U.S. Dollar Index rose 1.4% to 100.97. Reviewing Wednesday's economic data: Housing starts were stronger than expected in February at a seasonally adjusted annual rate of 1.599 million (Briefing.com consensus 1.475 million), yet they were down 1.5% m/m and will be expected to drop further in March. Building permits were weaker than expected at 1.464 million (Briefing.com consensus 1.480 million) and were down 5.5% m/m.The key takeaway from the report is that it will be largely dismissed on the grounds that it is "old" data in a new world that is dealing with economic shutdown measures to curb the spread of COVID-19.The weekly MBA Mortgage Applications Index declined 8.4% following last week's 55.4% surge. Looking ahead, investors will receive the weekly Initial Claims and Continuing Claims report, the Q4 Current Account Balance, and the Philadelphia Fed Index for March on Thursday. Nasdaq Composite: -22.1%S&P 500: -25.8%Dow Jones Industrial Average: -30.3%Russell 2000: -40.6% Market Snapshot Dow19898.98-1338.40(-6.30%)Nasdaq6989.20-344.94(-4.70%)SP 5002398.10-131.09(-5.18%)10-yr Note -32/321.188NYSEAdv 182 Dec 2730 Vol 1.9 blnNasdaqAdv 340 Dec 3001 Vol 4.9 bln Industry Watch Strong: Communication Services, Consumer StaplesWeak: Energy, Industrials, Financials Moving the Market -- Widespread selling amid virus fears, cash-raising efforts but stocks cut losses into the close-- Level 1 circuit breaker triggered for fourth time in two weeks after S&P 500 declines 7.0%-- Oil loses 24%, longer-dated Treasury yields continued to rise-- Cyclical sectors led retreat ECONOMIC EVENTS: In the U.S., housing starts fell 1.5% to a 1.599M rate in February. In addition, U.S. President Donald Trump said that he is invoking the Defense Production Act in response to the COVID-19 outbreak, adding that Housing and Urban Development will provide relief to homeowners and renters in response to the pandemic. In Canadian news, Reuters reported that Prime Minister Justin Trudeau said that the Canadian government would provide C$27B in support directly to families and businesses that are struggling as a result of the COVID-19 pandemic, and is ready to do even more. TOP NEWS: The major Detroit automakers all traded lower after the Associated Press reported the the companies agreed to shutter all of their factories due to worker fears about the COVID-19 pandemic. The AP noted that the United Auto Workers union had been pushing for factory closures. Ford (F) ultimately confirmed the report, saying it is temporarily suspending production at its North America sites through March 30, while General Motors (GM) said that it will begin a "systematic orderly suspension" of manufacturing operations in North America. At the time of writing, Fiat Chrysler ($FCAU) had not released an official statement on the matter. In further COVID-19 news, Delta ($DAL) shares dropped 26% after CEO Ed Bastian said in a regulatory filing that the airline expects March revenue to decline nearly $2B over last year as a result of the coronavirus pandemic. Bastian added that the company will have a 70% systemwide capacity pullback planned until demand starts to recover and that 10,000 Delta workers have already entered voluntary leave. Meanwhile, Pershing Square's Bill Ackman said in an interview on CNBC that all hotel stocks will go to zero if the coronavirus spread continues. Publicly traded companies in the space include Choice Hotels ($CHH), Hilton ($HLT), Hyatt ($H), InterContinental ($IHG), Marriott ($MAR), Starwood ($HOT) and Wyndham ($WYN). Ackman, who is a big shareholder of Hilton, also notably said he is "aggressively buying" stocks, including Hilton and Starbucks ($SBUX), as he believes that president "https://twitter.com/BillAckman/status/1240351178933895169!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");." Of note, Walgreens Boots Alliance ($WBA) and Walmart ($WMT) were two of only a small number of gainers on the Dow during the session, gaining a respective 6.5% and 5.6%. In earnings news, FedEx ($FDX) shares closed almost 5% higher after the company's Q3 revenue came in better than expected. However, given uncertainty in Europe and the U.S. caused by the coronavirus pandemic, the shipper is suspending its FY20 earnings forecast. Boeing ($BA) said in a statement late Tuesday that it "supports a minimum of $60B in access to public and private liquidity, including loan guarantees, for the aerospace manufacturing industry." Apple ($AAPL) announced "its most advanced iPad Pro," which it calls "faster and more powerful than most Windows PC laptops." Apple also announced an updated MacBook Air, with "faster performance, the new Magic Keyboard, twice the storage and a new lower price of $999."Source: (Briefing.com)(theFly.com) 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.