Stocks fell sharply on Thursday but recovered much of their losses as the trading day came to a close.
 | THU, FEB 20, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | PFE | 35.84 | -0.39 | -1.08% | | MSFT | 184.42 | -2.86 | -1.53% | | INTC | 65.45 | -1.66 | -2.47% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 57.27 | -1.63 | -2.77% | | MS | 53.73 | -2.58 | -4.58% | | F | 8.02 | +0.02 | +0.25% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 57.27 | -1.63 | -2.77% | | MSFT | 184.42 | -2.86 | -1.53% | | INTC | 65.45 | -1.66 | -2.47% | |
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One day you've got a bourgeois brokerage account at E-Trade, and the next you're banking beside the upper-crust customers of Morgan Stanley.
The New York investment bank on Thursday said it would buy E-Trade for $13 billion. CNBC's Hugh Son writes that the deal gets Morgan Stanley's 5.2 million customer accounts with $360 billion in assets, plus $56 billion in deposits and a business that manages corporate stock plans. The deal is part of a consolidation trend in the brokerage industry that has been accelerated by a competitive race to 0% trading commissions. It will likely pressure small brokers into deals as well, writes CNBC's Maggie Fitzgerald.  Stocks took an unexpected dip on Thursday, with the Dow Jones Industrial Average falling more than 300 points before rebounding to recoup some of those losses. Market observers were hard pressed to name a catalyst for the decline, beyond previously known factors such as the coronavirus outbreak. Stocks remain within range of their all-time highs, but at the same time investors are flocking to safe haven investments such as bonds and gold, which has hit a seven-year high. Mohamed El-Erian, chief economic advisor at Allianz, warned that investors are not taking the potential impacts of the coronavirus seriously enough. "It will affect a lot companies, not just those with direct exposure to China," he said on CNBC's "Squawk Alley." "The markets have tended to underestimate what a big demand and supply shock this is." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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