Dow Stages Modest Rebound, Oil Bounces Back Big
A resurgent tech sector powered today's rally
The Dow rebounded from a three-year low today, spearheaded by big gains in the tech sector. Although the triple-digit win was modest in comparison to the roller-coaster volatility seen in recent weeks, the blue-chip index didpare a 700 point deficit at its session lows, and hold on to the psychologically significant 20,000 level. The S&P 500 and Nasdaq tacked on solid wins as well, as investors await the next move from policy-makers to help invigorate the global markets.
Continue reading for more on today's market, including:
This Apple supplier saved face after yesterday's annual lows.Pelaton stock faces off with a key trendline.Plus, CARS stock hits a record low; Hertz stock countered and rose; and Five Below's blowout earnings report.
The Dow Jones Industrial Average (DJI - 20,087.19) finished 188.3 points, or 0.9% higher for the day. Walgreens Boots Alliance (WBA) paced the six winners with a 6.5% gain, while Chevron (CVX) led the remaining laggards with a 22% drop.
The S&P 500 Index (SPX - 2,409.39) added 11.3 points, or 0.5%,while the Nasdaq Composite (IXIC - 7,150.58) gained 160.7 points, or 2.3%.
The Cboe Volatility Index (VIX - 72) gained 4.5 point, or 5.8%.
5 Items on Our Radar Today
The leading economic index in the U.S. rose a slight 0.1% in February, but the figures count for before the coronavirus brought U.S. growth to a standstill. (MarketWatch)President Donald Trump announced an interest waiver on student loans in response to the COVID-19 pandemic. The decision was met with mixed reviews among analysts and politicians, with many criticizing the President for not doing enough. (Yahoo Finance)Cars.com stock was stuck in the NYSE basement today.Hertz stock rose despite the struggling sector.This discount retailer surged after an impressive Q4 report.
Oil Rebounds, Logs Best Day Ever
Oil futures rose in spectacular fashion after Wednesday's losses. April-dated crude gained $4.85, or 23.8%, to $25.22 per barrel, a magnificent feat after dropping nearly 25% in the previous session. It's black gold's largest one-day increase since 1983.
Gold futures bounced back as well, reacting favorably to the continued efforts from governments to support the global economy. Gold for April delivery settled up $1.40, or 0.1%, at $1,479.30 an ounce.