Oil dropped to an 18-year low as global demand fell
The Dow kicked off the week with an almost 700-point surge, roaring to its session highs in the last minute of trading. Measures to combat the coronavirus are in focus today, after President Donald Trump extended social distancing measures in the U.S. until April 30, and Johnson & Johnson (JNJ) announced an encouraging COVID-19 vaccine update.
The S&P 500 and Nasdaq both finished comfortably in the black as well, with the tech sector powering the latter. All three indexes closed with wins of 3% or more, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged its lowest close in over two weeks.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 22,327.48) finished 690.70 points, or 3.2%, higher for the day. Johnson & Johnson (JNJ) finished on top with a 8% win, while Boeing (BA) once again finished at the bottom with a 6.1% fall.
The S&P 500 Index (SPX - 2,626.65) rose 85.18 points, or 3.4%, while the Nasdaq Composite (IXIC - 7,774.15) lost 271.77 points, or 3.6%.
The Cboe Volatility Index (VIX - 57.08) shed 8.5 points, or 12.9%.
5 Items on Our Radar Today
- Tax payers can breathe a sigh of relief, as the federal tax deadline was moved to this summer. However, some states are not pushing the deadline back. (Yahoo Finance)
- Facebook pledged $100 million in grant money and promised ad spending to struggling news outlets. The grants money will hopefully aid the smaller papers that were forced to reduce pay or lay off workers. (MarketWatch)
- ULTA Beauty closed its stores until further notice.
- Options traders target ZM, CCL amid the coronavirus crisis.
- CALM stock beat Wall Street estimates in third quarter beat.
Oil Plunges to 18-Year Lows as Global Demand Wanes
Oil prices tanked to 18-year lows to begin the week, as Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to increase production amid tightening global demand. May-dated crude futures closed down $1.42, or 6.6%, to settle at $20.09 per barrel.
Gold fell slightly, as rallying U.S. equities and dollar temporarily dulled the demand for the safe-haven asset. Gold for June delivery lost $10.90, or 0.7%, to settle at $1,643.20 per ounce.