Both gold and June-dated crude fell lower
The Dow closed in the red, extending its losses from midday, following a second day of heavy losses for oil. Also weighing heavy for the blue-chip index is Boeing (BA) and Merck (MRK). Meanwhile, all eyes are on Washington, D.C., as the Senate managed to reach a deal for a $484 billion coronavirus relief package, aimed toward small businesses, testing, and hospitals. A vote is set for this evening, but needs to be unanimous to pass. The S&P 500 and tech-heavy Nasdaq also finished in the red, with the former struggling against major levels of resistance.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 23,018.88) fell 631.6 points, or 2.7% for the day. Travelers (TRV) was the only stock to scrape by with a close of breakeven, while MRK finished at the bottom with a 5.5% loss.
The S&P 500 Index (SPX - 2,736.56) dropped 86.6 points, or 3.1%, while the Nasdaq Composite (IXIC - 8,263.23) fell 297.5 points, or 3.5% for the day.
The Cboe Volatility Index (VIX - 45.41) added 1.6 points, or 3.6%.
5 Items on Our Radar Today
- U.S. President Donald Trump plans to halt immigration into the United States, citing the pandemic, as Georgia plans a partial reopening of the state starting at the end of this week. (Reuters)
- Microsoft (MSFT) hires General Electric (GE) executive Tom McGuinness to run the commercial side of its health-care business, as it grows amid the pandemic. (CNBC)
- Travelers stock expects lasting effects from the pandemic.
- The blue chip sliding after earnings.
- FDA granted emergency-use authorization of this at-home test.
Data courtesy of Trade-Alert
Oil, Gold Close Lower
Oil experienced a volatile day as May-dated crude rebounded from yesterday's odd and historic plunge. May-dated futures rose $47.64, to expire at $10.01 a barrel, while the most active June contract fell $8.86, or 43.4%, to settle at $11.57 per barrel.
Gold prices ended near a two-week low as the dollar strengthened, erasing yesterday's modest gains. Gold for June delivery fell $23.40, or 1.4%, to settle at $1,687.80 per ounce.