Stocks, Oil Rebound Higher
June-dated crude rose over 19%
The Dow extended its midday rally, closing up over 450 points as oil prices stabilized, shaking off a volatile and historic two-session drop.Though corporate earnings leaned towards the grim side, the blue-chip index was joined by the S&P 500 and Nasdaq today in the black, as sentiment found some stability. Also in focus has been the latest relief effort out of Washington, which includes more than $400 billion in aid for small business and healthcare, and is expected to pass the House of Representatives tomorrow.
Continue reading for more on today's market, including:
Why options bulls should stick with MTCH long-term. LLY eyes fresh highs ahead of earnings.Plus, the thriving FAANG stock; the last major oil company operating in Venezuela, and the medical device maker suffering.
The Dow Jones Industrial Average (DJI - 23,475.82) rose 456.9 points, or 2% for the day. Intel (INTC) topped the charts with a 6.6% win, while Boeing (BA) finished at the bottom with a 0.9% loss.
The S&P 500 Index (SPX - 2,799.31) tacked on 62.8 points, or 2.3%,while the Nasdaq Composite (IXIC - 8,495.38) added 232.2 points, or 2.8% for the day.
The Cboe Volatility Index (VIX - 41.98) fell 3.4 points, or 7.6%.
5 Items on Our Radar Today
It has been estimated that initial jobless claims likely jumped 4 million in the past week, making the number of unemployed workers applying for benefits over 25 million. (MarketWatch)Meat industry prices are starting to surge as a result of pandemic-related disruptions. Dennis Smith, a senior account executive at Archer Financial Services, expects a meat shortage in coming weeks. (Bloomberg)Netflix stock just saw a slew of price-target hikes. Chevron stock pops on operations order.Medtronic down after taking revenue hit.
Data courtesy of Trade-Alert
Gold Surges, Hits 1-Week High
Oil rose today after U.S. President Trump tweeted about protecting U.S. ships at sea and a smaller-than-expected weekly climb was reported in domestic gas stockpiles. June-dated futures rose $2.21, or 19.1%, to settle at $13.78 a barrel.
Gold prices ended at their highest in a week, as concerns regarding the long-term effects the pandemic will have on the economy expanded. Gold for June delivery rose $50.50, or 3%, to settle at $1,738.30 per ounce.