U.S. Stocks End Day, Week in the Black
Oil futures remained at their lowest since 2002
The Dow extended its midday rally to end both the day and week higher thanks to a life out of Boeing (BA). However, it did pare earlier gains due to underperforming Apple (AAPL) and Amazon.com (AMZN). The Nasdaq and S&P 500 also ended the day and week in the black, boosted by optimism over Gilead Sciences' (GILD) potential coronavirus treatment. Looking ahead, next week will be earnings-filled, with blue chips Coca-Cola (KO) and American Express (AXP) among the many slated to report.
Continue reading for more on today's market, including:
Call traders chase Boeing stock.MRNA stock soars on million-dollar aid.Plus, this blue-chip's big move before earnings; Gilead makes headlines on COVID-19 treatment; and Region Financial's earnings blunder.
The Dow Jones Industrial Average (DJI - 24,242.49) rose 704.8 points, or 3% for the day. In opposite positions from yesterday, Boeing (BA) topped the charts with a 14.7% win, while UnitedHealth (UNH) finished at the bottom with a 2.6% loss. The Dow logged its second week of gains, up 2.2%.
The S&P 500 Index (SPX - 2,874.56) added 75 points, or 2.7% for the day; up 3% for the week. Meanwhile, the Nasdaq Composite (IXIC - 8,650.14) tacked on 117.8 points, or 1.4% for the day, and finished up 6% for the week.
The Cboe Volatility Index (VIX - 38.15) shed 2 points, or 4.9% for the day, down 8.4% for the week.
5 Items on Our Radar Today
After the government's small business loan program of nearly $350 billion ran out of funds on April 16, many are awaiting for clarity and loans to keep their businesses afloat. (CNBC)A group of democratic senators announced that U.S. airline companies could be sitting on more than $10 billion owed to passengers. By Federal law, passengers are entitled to refunds for canceled flights. (Reuters)IBM just attempted a pre-earnings rebound. The spotlight landed on Gilead Sciences for its COVID-19 treatment.How Regions Financial brushed off disappointing earnings.
Data courtesy of Trade-Alert
Gold, Oil Finish Week with Losses
Oil futures once again dropped, remaining at their lowest mark in over 18 years. May-dated futures fell $1.60, or 8.1%, to settle at $18.27 a barrel. For the week, oil prices are down 19.7%.
Gold futures ended lower today, for a third straight session. Gold for June delivery dropped $32.90, or 1.9%, to settle at $1,698.80 per ounce. For the week, gold futures finished down 3.1%.