Australia

S&P/ASX 200 stages huge turnaround, finishes on high up 3.1%

S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) has finished the day up 179 or 3.11% to 5,939.6.

The market opened and went straight down to its low of 5,538.9 before putting on 400 points over the day to finish where it did.

On a stock like CSL Limited (ASX:CSL), this resulted in a low of $274.20 early on and a finish of $308.97 representing a 12.7% move off the low.

Other markets in Asia also faired well with Japan's Nikkei 225 +0.5% and Hong Kong's Hang Seng +1.8%.

Eyes now turn to Europe and the US to keep the rebound going.

[REPORT] Mid-Session: #ASX reverse early sharp declines to trade higher at lunch. Markets buoyed by potential US stimulus https://t.co/BVpsnNrozy #ausbiz pic.twitter.com/3sxGIAoZPG

— CommSec (@CommSec) March 10, 2020

Pre-market: S&P/ASX 200 futures pointing to another big down day

ASX 200futures are down over 6% heading into the open after US markets were smashed overnight on COVID19 fears and lower oil prices.

S&P 500 Index (INDEXSP:.INX) closed at 2,746.56, −225.81 or down 7.60%% and the Nasdaq Composite (INDEXNASDAQ: .IXIC) closed at 7,950.68, −624.94 or down 7.29%.

Because the S&P 500 declined over 7%, whats known as a circuit breaker was triggered, resulting in a 15-minute trading halt.

There are three levels of circuit breakers, level two results in another 15-minute halt once -13% is reached and the final level results in trading being halted for the day at 20%.

Of the 65 stocks in the ASX 200 that remain positive for the past 12 months, the top performers are Avita Medical Ltd (ASX:AVH) and Polynovo Ltd (ASX:PNV).

Gold steady, oil and AUD remain low

Gold is up 0.50% overnight to US$1,680 per ounce while Crude Oil WTI is down 27% to US$30.15 per barrel.

The AUD flash crashed to 63 US cents but iRead More – Source