Stocks, Oil Climb Higher Amid Political and Health Uncertainty

Oil took a jump at the end of trading

Deputy Editor
Apr 8, 2020 at 4:41 PM
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The Dow finished the day up over 700 points, continuing its rally after many investors reacted to news that U.S. Senator Bernie Sanders officially dropped out of the presidential race. Though coronavirus still brings uncertainty reaching beyond the second quarter, the potential plateau of cases is sparking new optimism. The S&P 500 and Nasdaq also closed in the black, with energy as one of the former's frontrunners, and May-dated crude leaping higher before the close. 

Continue reading for more on today's market, including:

  • Pinterest stock pops despite price-target cuts.
  • Analysts cautious toward Fastenal stock.
  • Plus, EXR stock moves lower; TSLA eyes another win; and DKS joins the furlough trend.

The Dow Jones Industrial Average (DJI - 23,433.57) rose 779.7 points, or 3.4% higher for the day. Raytheon Technologies (RTX) topped the charts with an 8.4% win, while Walt Disney (DIS) finished at the bottom with a 0.1% loss.

The S&P 500 Index (SPX - 2,749.98) gained 90.6 points, or 3.4%, while the Nasdaq Composite (IXIC - 8,090.90) tacked on 203.6 points, or 2.6% for the day.

The Cboe Volatility Index (VIX - 43.35) fell 3.4 points, or 7.2%.

Closing Indexes New April 8

NYSE and Nasdaq Stats April 8

5 Items on Our Radar Today

  1. The International Labor Organization (ILO) announced its second-quarter forecast for unemployment, while the United Nations' labor agency said nearly 25 million jobs will be lost by the end of 2020. (CNBC)
  2. Farmers won't be halting farming the amid country-wide lockdowns, though it is expected to complicate the planting process. Many are optimistic for Spring, however, as long as current precautions being made continue to take place. (MarketWatch)
  3. EXR stock wavers after downgrade.
  4. Tesla stock inches higher despite mass furloughs.
  5. DKS just marked a third-straight close above this key trendline

Earnings April 8

Unusual Options Activity April 8

Data courtesy of Trade-Alert

Oil Finishes Higher Ahead of OPEC Meeting

Oil prices rose today on the heels of a decrease in production and a day before the scheduled Organization of the Petroleum Exporting Countries+ (OPEC) meeting. May-dated futures rose $1.46, or 6.2%, to settle at $25.09 a barrel.

Gold ended modestly higher today, as investors digested the Fed's meeting minutes. Gold for June delivery rose 60 cents, or 0.04%, to settle at $1,684.30.


 

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