 The Market Sum | Insight after the bell
By Caleb Silver, Editor in Chief 
Tuesday's Headlines 1. U.S. markets rally on more govt. stimulus measures 2. The Fed lends more to repo markets and backs commercial paper market 3. The 10-year U.S. Treasury yield rallies back above 1% 4. Which sectors and stocks rallied today? 5. Announcing the 2020 Online Broker Awards Markets Closed
 Courtesy of Tom Szczerbowski/Getty Images
Markets Today U.S. markets followed their recent pattern of bouncing back the day after an extreme sell-off in what has been an epic two weeks of volatility. The news is moving fast, and trying to keep up with it while working from home has been interesting, to say the least. I'm sure you can all relate. The DJIA rallied 5.2% while the S&P 500 and the Nasdaq both rallied 6% or more. The yield on the benchmark 10-year U.S. Treasury finally rose above 1% for the first time since March 5th.
The Trump Administration proposed a series of financial stimulus measures today worth anywhere from $850 billion–$1 trillion, targeted at lifting the economic burden off of individuals, small businesses, and banks. Those measured reportedly include:
$250 billion of that could go to direct payment to individuals. Sorry, millionaires and billionaires need not apply.
The Federal Reserve launched more stimulus missiles today, including spending an additional $500 billion in the overnight repo-market to make sure banks keep lending to one another. It also announced a special credit facility to purchase corporate paper from issuers that have been having a difficult time finding buyers on the open market. Corporate paper involves unsecured short-term lending critical to business funding. While the plunge in global stock markets is getting all the headlines, the commercial paper market—where companies borrow short-term money for the financing of accounts payable and inventories and other liabilities—is showing signs of seizing up.
Anyone who really knows the financial markets knows that the bond market is really in charge. Stocks can be sexy, but bonds own the club.
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Headlines:
 Which Stocks Rallied Today? We've gone days without more than a handful of stocks actually ending the day with gains, but today saw a few breakouts. In fact, all 11 super-sectors of the S&P 500 rallied. Only three stocks in the DJIA fell, Boeing (BA) being one of them. To be sure, the recent sell-off has made a lot of stocks cheap compared to their recent price trends. But some good headlines and a rotation by some investors into defensive sectors like Utilities, Basic Materials, and Consumer Cyclical stocks shows that while big money may be moving back into stocks, it's moving into areas that are a little more recession proof than the big technology stocks that lead the market to record highs.
chart courtesy YCharts 
 The 2020 Online Broker Awards When we started our 2020 online broker reviews six months ago, no one knew how the world would change. We recognize that we all are living through a particularly volatile time as we deal with this global crisis, and financial markets have also seen unprecedented change, impacting all investors.
Our mission has always been to help people make the most informed decisions about how, when, and where to invest. Given recent market volatility, and the changes in the online brokerage industry, we are more committed than ever to providing our readers with unbiased and expert reviews of the top investing platforms for investors of all levels, for every kind of market.
Here are our picks for the Best Online Brokers of 2020:
(chart courtesy YCHARTS)  Shares of American Airlines received a solid 11% boost today; U.S. airlines are currently seeking an over $50 billion bailout in order to stay afloat during the current pandemic, and the Trump administration is reportedly in the process of preparing a bailout package to protect the industry. While some brands are struggling, packaged food companies like Conagra Brands (up almost 10%) continue to thrive due to their production of goods that consumers consider "essential."  MGM Resorts International has shut down several of its properties, most notably those in Las Vegas, in response to the ongoing outbreak, resulting in a massive 34% drop in its stock price. Shares of the oil and gas company Apache are down by over 32% as a result of the current oil crash. Word of the Day Commercial paper is a commonly used type of unsecured, short-term debt instrument issued by corporations, typically used for the financing of payroll, accounts payable, and inventories as well as meeting other short-term liabilities. Maturities on commercial paper typically last several days and rarely range longer than 270 days. Commercial paper is usually issued at a discount from face value and reflects prevailing market interest rates.  image courtesy nixonlibrary.gov
Today in History March 17, 1971: Pres. Richard M. Nixon signs legislation providing a 10% increase in Social Security benefits (and a hike in the payroll tax rates, from 5% of the first $7,800 in wages to 5.15% of the first $9,000). A retiree who would have received $500 a month at the beginning of 1969 would be receiving $759 per month, or 51.8% more, by the end of 1972.
Sylvester J. Schieber and John B. Shoven, The Real Deal: The History and Future of Social Security (Yale University Press, New Haven, 1999), pp. 158-159. 161.
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Tuesday, March 17, 2020
Relief
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