Dow Soars for First Three-Day Win Streak in Nearly Two Months
Stocks shrugged off historically high jobless claims
The Dow picked up its third straight win today, the first time it has done so since Feb. 6. The blue-chip index once more sprinted across the finish-line today and has now gained over 20% in the last three days. The S&P 500 and Nasdaq both finished comfortably in the black as well,shaking off an ugly weekly jobless claims report while traders anxiously awaited the passing of a Senate-approved stimulus package bill aimed to cushion the fallout caused by the coronavirus pandemic. The House of Representatives' decision on the bill is estimated to be made tomorrow morning.
Continue reading for more on today's market, including:
Slack stock rose as more workers go remote.As earnings loom, bulls are big on Cronos stock.Plus, Micron's earnings beat; Ford announces possible early April re-openings; and Target stock defies price-target cuts.
The Dow Jones Industrial Average (DJI - 22,552.17) finished 1,351.6 points, or 6.4%, higher for the day. Boeing (BA) topped the four winners again with a 13.8% win, while Dow Inc (DOW) was the only laggard with a 2.3% fall.
The S&P 500 Index (SPX - 2,630.07) rose 154.5 points, or 6.2%,while the Nasdaq Composite (IXIC - 7,797.54) gained 413.24 points, or 05.6%.
The Cboe Volatility Index (VIX - 61) fell 2.9 points, or 4.6%.
5 Items on Our Radar Today
The Chinese city of Xianning lifted its two-month lockdown today. However, the city has implemented a rapid detection test before citizens are allowed to travel again. (Reuters)The Social Security Administration closed offices across the country, but there are still resources available to help recipients claim their benefits. (USA Today)Micron stock roared to life post-earnings. Early April production could bode well for Ford stock.Price-target cuts didn't deter Target stock.
Oil Snaps Win Streak
Oil prices fell after three straight wins, as fears of dwindling demand for black gold rise due to COVID-19 travel bans. April-dated crude futures closed down $1.89, or 7.7%, to settle at $22.60 per barrel.
Gold experienced an exciting surge and jumped to a two-week high after the record number of jobless claims were filed that resulted in the dollar being dented. Gold for April delivery rose $17.80, or 1.1%, to settle at $1,651.20 per ounce.