Last Friday, things were not looking very good for markets. The Dow had crashed 1000 points, and market participants were finally starting to show signs of panic about coronavirus.
Then something miraculous occurred: over a period of 20 short minutes, the Dow Jones Industrial Average spiked 640 points to close down only 350 points.
There didn’t seem to be anything that justified this either — it just kind of happened.
CNBC market summary, 4:11pm, March.06