by Wolf Richter
Indexes backed off sharply into the close. Dow gave up 800 points of its 1,600-point spike. Nasdaq -1.5%. Oil soared. Gold & silver dropped. 10-Year Treasury went rogue.
Upon the announcement this morning of some tidbits on a preliminary study of an experimental Covid-19 vaccine, all heck broke loose in the financial markets, with investors piling into in various things and fleeing other things, and wholesale-abandoning certain things, amid reports of outages at online brokers Charles Schwab, Fidelity, Robinhood, TD Ameritrade, Vanguard, and others, where traders couldn’t log into their apps, and couldn’t make the trade of their lifetime.
And that might have saved them some money, because after the surge in the morning, stocks gave up much of it, and the Nasdaq ended up 1.5% in the red.