U.S. Stocks, Gold Surge to Start Week
The Dow finished the day more than 1,600 higher
The Dow, with help from Boeing (BA), continued its rally to start the week, closing up over 1,600 points. The Nasdaq and S&P 500 both closed at 7% or above with utilities, materials, and tech sectors surging. Investors were encouraged by the appearance of slowing coronavirus rates in New York and Europe as well as the Trump Administration's announcement of stabilizing hospital rates. However, in the last few hours of trading, the U.K. government revealed that Prime Minister Boris Johnson has been moved into the intensive care unit (ICU) due to worsening coronavirus symptoms.
Continue reading for more on today's market, including:
GM stock rises alongside its mask manufacturing.Behind Luckin Coffee stock's options volume surge.Plus, Kraft Heinz switches up its production; JetBlue stock shakes off downgrade; and China streaming stock eyes technical trouble.
The Dow Jones Industrial Average (DJI - 22,679.99) finished 1,627.5 points, or 7.7%, higher for the day. Boeing (BA) topped the charts with an 19.5% win, while Procter & Gamble (PG) finished at the bottom, though still up 2.4%.
The S&P 500 Index (SPX - 2,663.68) added 175 points, or 7%,while the Nasdaq Composite (IXIC - 7,913.24) tacked on 540.2 points, or 7.3% for the day.
The Cboe Volatility Index (VIX - 45.24) fell 1.6 points, or 3.3%.
5 Items on Our Radar Today
Wayfair (W) shares are surging as more people buy home supplies, specifically home office supplies, during the pandemic. After a rough February, sales growth doubled in March and the trend appears to be continuing into April. (CNBC)The Federal Reserve is setting up a facility to create a secondary market for new small business loans. (MarketWatch)KHC is on the rise despite production measures.The airline stock that just shook off sector skeptics.HUYA stock loses headway at historically bearish trendline.
Data courtesy of Trade-Alert
Gold Grabs 7-Year Win
Oil dropped today for the first time in three sessions as the anticipated meeting with major oil producers was pushed to Thursday. May-dated futures fell $2.26, or 8%, to settle at $26.08 a barrel.
Gold futures skyrocketed to settle at their highest since the end of 2012, as the financial uncertainty continues. Gold for June delivery rose $48.20, or 2.9%, to settle at $1,693.90 per ounce.