ASX 200 recovers 5.8%, investor optimism returns

The S&P/ASX 200 Index (ASX:XJO) recovered 5.8% today, reversing some of the losses from yesterday's huge drop.

a woman

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The S&P/ASX 200 Index (ASX: XJO) went up 5.8% today as optimism returned for investors.

The US share market is pointing to a strong opening, so we may see a strong Tuesday performance for US stocks too.

Some of the highlights from today:

Various COVID-19 updates

Previous guidance by companies is going out of the window as the coronavirus causes havoc to earnings expectations, dividends and operations.

The share price of Vista Group International Ltd (ASX: VGL) dropped 16%.

The share price of Gentrack Group Ltd (ASX: GTK) fell 11.9%.

The share price of Estia Health Ltd (ASX: EHE) fell 7.8%.

The share price of Crown Resorts Ltd (ASX: CWN) fell 1.7%.

The share price of Coca-Cola Amatil Ltd (ASX: CCL) dropped 0.1%.

The share price of Auckland International Airport Limited (ASX: AIA) declined 1%.

And these weren't even some of the worst falls today.

Qantas Airways Limited (ASX: QAN) cuts international flights 

One big update today came from Australia's main airline. Qantas said that it would reduce its international capacity by around 90% until at least the end of May 2020, up from a 23% reduction.

Total group domestic capacity will be cut by around 60% until at least the end of May 2020. 150 aircraft have been grounded, including almost all of the group's wide-body fleet. Qantas is trying to help its people by using paid and unpaid leave.

The airline doesn't want any government support and said it's well placed to ride through this period.

Strong market reaction

Elsewhere, there was still strong reaction of both positive and negative movements.

The share price of Metcash Limited (ASX: MTS) rose 27%.

The share price of Gold Road Resources Ltd (ASX: GOR) grew 21.1%.

The share price of Silver Lake Resources Limited. (ASX: SLR) went up 20.1%.  

At the red end of the ASX:

The share price of Unibail-Rodamco-Westfield (ASX: URW) fell 22.8% after providing a market update.

The share price of oOh!Media Ltd (ASX: OML) fell 16.5% after providing a market update.

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited. The Motley Fool Australia owns shares of Vista Group Int'l. The Motley Fool Australia has recommended oOh!Media Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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