The Dow finished the the week up 12.7%
The Dow finished the last day of the holiday-shorted week up over 280 points, losing some of its midday rally after Democrats in congress blocked McConnell's bid to unanimously add $250 billion in small-business aid. However, the Fed announced new programs directed at small and medium-sized business, totaling up to $2.3 trillion. This news was enough to outweigh the increasing unemployment rates for now, as the Nasdaq and S&P 500 enjoyed sizable gains, finishing the day and week deep in the black.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 23,719.37) rose 285.8 points, or 1.2% higher for the day. J.P. Morgan Chase (JPM) topped the charts with an 9% win, while Intel (INTC) finished at the bottom with a 3.1% loss. For the week, the blue-chip added 12.7%
The S&P 500 Index (SPX - 2,789.82) gained 39.8 points, or 1.5%, while the Nasdaq Composite (IXIC - 8,153.58) tacked on 62.7, or 0.8% for the day. For the week, the indexes tacked on 12.1% and 10.5%, respectively.
The Cboe Volatility Index (VIX - 41.67) fell 1.7 points, or 3.9%. The VIX fell 11% for the week.
5 Items on Our Radar Today
- National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci said the White House task force built to handle the impact of coronavirus was working on a balance between public health and allowing people to get back to some mark of normality. (MarketWatch)
- Following a surge in job losses and mandatory social distancing, a preliminary reading shows the consumer sentiment index dropping from 89.1 to 71 in early April. This would mark a historical one-month decline and nine-year low. (MarketWatch)
- Zoom stock shakes off Senate warning.
- Bulk retailer suffers analyst slam.
- Anthem stock earns a downgrade despite yesterday's pop.
There were no earnings of note today.
Data courtesy of Trade-Alert
Gold Lands 7-Year High
Oil prices dropped, erasing an earlier gain over 12%, as Wall Street waits on details from the Organization of the Petroleum Exporting Countries + (OPEC+) meeting, specifically a decision on production cuts. May-dated futures fell $2.3, or 9.3%, to settle at $22.76 a barrel for the day, and down 19.7% for the week.
Gold ended with the highest finish for a most-active contract since October 2012, following the reveal of multiple stimulus plans, of which, sent the dollar lower. Gold for June delivery rose $68.50, or 4.1%, to settle at $1,752.80 per ounce. For the week, gold futures rose about 7%.