Investors were encouraged by the Fed's actions to boost liquidity
The Dow bounced back today, after turning in its third-worst session of all time on Monday. The blue-chip index finished over 1,000 points higher, after the White House reportedly backed a stimulus package of $850 billion in response to the coronavirus pandemic. Plus, investors were encouraged by the Fed's decision to buoy the commercial paper market and boost liquidity with short-term funding. Meanwhile, the S&P 500 and Nasdaq both joined the Dow with gains of over 5.5%.
Continue reading for more on today's market, including:
-
Uber stock stalled after halting all carpool rides in the U.S. and Canada.
-
This pharmaceutical stock rose after an encouraging COVID-19 update.
-
Plus, Amazon's plan to hire more workers; McDonald's closes dine-in areas; video conference technology stock buzzing.
The Dow Jones Industrial Average (DJI - 21,237.31) finished 1,048.8 points, or 5.2% higher for the day. Dow Inc (DOW) paced the 27 winners with a 20.9% win, while Boeing (BA) led the three laggards with a 3.2% drop.
The S&P 500 Index (SPX - 2,529.19) added 143.1 points, or 6%, while the Nasdaq Composite (IXIC - 7,334.78) gained 430.2 points, or 6.2%.
The Cboe Volatility Index (VIX - 75.91) lost 6.8 point, or 8.2%.
5 ITEMS ON OUR RADAR TODAY
- Treasury Secretary Steven Mnuchin announced the Trump Administration was considering sending direct payments to Americans to help corral the economic struggles from coronavirus. Specifics were not disclosed, but a timeline of two-three weeks was established. (MarketWatch)
-
The Job Openings and Labor Turnover Survey (JOLTS) showed job openings rising in January, snapping a two-month skid. While this signals a strong labor market to kick off 2020, it does not yet include the disruptions COVID-19 have caused to the job economy. (Reuters)
-
Amazon.com will hire 100,000 new workers and give existing employees raises.
-
McDonald's stock fell after announcing closing dine-in areas.
-
This video conference stock attracted a lot of attention.
Data courtesy of Trade-Alert
Oil Tumbles, Gold Snaps Skid
Oil slid again today, and more declines are expected to follow as Saudi Arabia and Russia continue their battle for market share. April-dated crude fell $1.75, or 6.1%, to trade at $26.95 per barrel. This marks black gold’s lowest level since February 2016.
Gold turned in a win, snapping a five-day skid thanks to the Fed's decision to establish a commercial paper-funding facility to improve liquidity. April-dated gold futures rose $39.30, or 2.6%, to trade at $1,525.80.