Oil logged its third straight win
The Dow capitalized on yesterday's historic gain with another win today, its first set of back-to-back wins since Feb. 6. The blue-chip index climbed over 1,100 points at its session highs, thanks in part to big days from both Boeing (BA) and Nike (NKE). However, the Dow came off its highs in last-minute trading, amid a possible impasse with the stimulus bill between Republicans and Democrats over unemployment aid. The S&P 500 closed in the black, but the Nasdaq pivoted into the red at the last minute.
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The Dow Jones Industrial Average (DJI - 21,200.55) finished 495.6 points, or 2.4%, higher for the day. Boeing (BA) topped the four winners with a 24.6% win, while Walgreens (WBA) finished last of the 26 laggards with a 8.4% fall.
The S&P 500 Index (SPX - 2,475.56) rose 28.2 points, or 1.2%, while the Nasdaq Composite (IXIC - 7,384.30) fell 33.6 points, or 0.5%.
The Cboe Volatility Index (VIX - 63.95) gained 2.3 points, or 3.7%.
5 Items on Our Radar Today
- Orders for durable goods posted their biggest gain since last summer; however, despite the spike in demand for auto, a report showed early signs of long-term damage to the economy. (MarketWatch)
- New Orleans could be set to replace New York as the next coronavirus epicenter. The southern city has the world’s highest growth rate in coronavirus cases. There is hope that the upcoming warmer weather acts as a deterrent to the spread. (Reuters)
- Hershey stock got a boost from a double upgrade.
- Facebook use spiked since the virus outbreak.
- This homebuilding stock picked up a pre-earnings bull note.
Oil Turns in Third Straight Win
Black gold experienced its third straight win today, digging out of earlier losses after a massive $2 trillion COVID-19 aid package was agreed upon. April-dated crude futures rose 48 cents, or 2%, to settle at $24.49 per barrel.
Gold turned in a loss today, as markets responded to the progress of the stimulus package. After rising as much as 5% on Tuesday, gold for April delivery closed down $27.40, or 1.7%, to settle at $1,633.40 per ounce.