The morning's word in regard to the markets: "volatile," per the Wall Street Journal and CNBC. Investors are simultaneously worried about the worsening coronavirus outbreak and hopeful that central banks around the world will be taking steps to protect markets. Dow futures reflected that, rising and falling overnight. When the markets opened at 9:30am, the Dow rose more than 300 points in the opening few minutes, then dipped back under 100, while the benchmark S&P 500 rose 36 points and fell back to 5.
"We're seeing an elevated degree of volatility that’s likely to remain with us for a while in equities, but also in bonds and across asset classes," Richard McGuire of Rabobank tells the Journal. "We are seeing a reversal of the feel-good factor we saw overnight." Global stocks initially surged overnight on news that the Bank of Japan would take steps in regard to the coronavirus outbreak, though the AP notes that sentiment soon shifted. Markets in Asia and Europe finished lower. (Read more stock market stories.)