Jobs Data, Treatment Buzz Keep Stock Gains in Check
Gold, oil both rose for second straight session
The Dow scraped together a 40-point win, as earlier gains were slashed after documents were published on Gilead Science's (GILD) potential coronavirus treatment remdesivir, which drew disappointing results. However, Gilead claims the results of the drug's trial remain "inconclusive." The S&P 500 and Nasdaq slippedbelow breakeven in the final minutes of trading, as all three indexes had gains pared by this morning's dismal jobs report, which showed that the total number of Americans who have filed for unemployment is now over 26 million.
Continue reading for more on today's market, including:
Investors eye mining stock after choppy week for commodities. Why this blue-chip stock dropped before earnings.Plus, TSN fights mounting pressure; Hershey stock melts after quarterly report, and Gap shares grim outlook.
The Dow Jones Industrial Average (DJI - 23,515.26) rose 39.4 points, or 0.2% for the day. Exxon Mobil (XOM) topped the charts with a 3.1% win, while McDonald's (MCD) finished at the bottom with a 2.3% loss.
The S&P 500 Index (SPX - 2,797.80) lost 1.5 points, or 0.05%,while the Nasdaq Composite (IXIC - 8,494.75) shed 0.6 point, or 0.01%, for the day.
The Cboe Volatility Index (VIX - 41.38) fell 0.6 point, or 1.4%.
5 Items on Our Radar Today
New-home sales in the U.S. dropped 15.4% in March, the largest decline since July 2013, to an annualized 670,000 pace. Other housing market figures are also showing effects of the pandemic. (Bloomberg)Georgia reports a higher death toll the eve before businesses are set to reopen per Governor Brian Kemp's announcement earlier in the week. (The Washington Post)Tyson stock brushes off plan closures. Hershey Food's international sales sport bad news.GPS isn't too far from its all-time low.
Data courtesy of Trade-Alert
Oil Climbs Nearly 20%
Oil futures rose for the second straight session as tensions between the U.S. and Iran began to reignite. June-dated crude climbed $2.72, or 19.7%, to settle at $16.50 a barrel.
Gold futures also climbed for a second straight session, as unemployment rates continued to rise. Gold for June delivery rose $7.10, 0.4%, to settle at $1,745.40 per ounce.