Dow Surges 250 Points Into the Close
Oil suffered its biggest one-week decline in history
The Dow finished the day up over 250 points after rebounding from its midday lows, but still ended the week lower, its first weekly decline for April. Sentiment was boosted by U.S. President Donald Trump signing the long-awaited $484 billion coronavirus aid package. However, this sour session of earnings and economic data quickly provided a market cap. The Nasdaq and S&P 500 also finished modestly in the black for the day, but closed lower for the week, as investors focused on hopes of stabilizing oil output.
Continue reading for more on today's market, including:
Retail giant mulls over a big bank loan.E-Trade stock lands bull notes despite gloomy quarterly report.Plus, Victoria's Secret parent slides on legal buzz; CLS dips on production halt, and the post-earnings optimism surrounding SNY.
The Dow Jones Industrial Average (DJI - 23,775.27) rose 260 points, or 1.1% for the day. Home Depot (HD) topped the charts with a 4.9% win, while Boeing (BA) finished at the bottom with a 6.4% loss. For the week, the Dow lost 1.3%.
The S&P 500 Index (SPX - 2,836.74) gained 38.9 points, or 1.4% for the day, and dropped 1.3% for the week, while the Nasdaq Composite (IXIC - 8,634.52) earned 139.8 points, or 1.7% for the day, and shed 0.3% for the week.
The Cboe Volatility Index (VIX - 35.93) fell 5.5 points, or 13.7% for the day, and 5.8% for the week.
5 Items on Our Radar Today
The Securities and Exchange Commission (SEC) has taken enforcement action against 23 companies in regards to COVID-19. They've stated that investors should be aware of "fraudsters" using news to lure them in amid the pandemic. (MarketWatch)According to New York Governor Andrew Cuomo, New York will suffer a $13 billion revenue shortfall from the original forecast. Prior to coronavirus, Cuomo says the economy was growing at a very high rate. (The Washington Post)L Brands stock dropped after $525 million deal went south. Continental Resources felt pressure from the sector.The pharma name with notable first-quarter growth.
Data courtesy of Trade-Alert
Oil Marks Historic Weekly Drop
Oil futures rose for the third straight session. June-dated crude climbed 44 cents, or 2.7%, to settle at $16.94 a barrel. For the week, however, oil futures remained down more than 32%, marking the largest one-week decline in history, as storage capacity and prices weighed heavily.
Gold futures gave up earlier gains to finish lower today, hitting potential resistance near the $1,740 level. Gold for June delivery fell $9.80, or 0.6%, to settle at $1,735.60 an ounce. For the week, gold finished roughly 2.2% higher, marking its fourth weekly rise in the last five weeks.