Stocks, Oil Rebound Higher Despite Grim Earnings Reports

The new stimulus bill boosted the market today

Deputy Editor
Apr 22, 2020 at 4:41 PM
facebook twitter linkedin


The Dow extended its midday rally, closing up over 450 points as oil prices stabilized, shaking off a volatile and historic two-session drop. Though corporate earnings leaned towards the grim side, the blue-chip index was joined by the S&P 500 and Nasdaq today in the black, as sentiment found some stability. Also in focus has been the latest relief effort out of Washington, which includes more than $400 billion in aid for small business and healthcare, and is expected to pass the House of Representatives tomorrow.

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

  • Why options bulls should stick with MTCH long-term. 
  • LLY eyes fresh highs ahead of earnings.
  • Plus, the thriving FAANG stock; the last major oil company operating in Venezuela, and the medical device maker suffering.  

The Dow Jones Industrial Average (DJI - 23,475.82) rose 456.9 points, or 2% for the day. Intel (INTC) topped the charts with a 6.6% win, while Boeing (BA) finished at the bottom with a 0.9% loss.

The S&P 500 Index (SPX - 2,799.31) tacked on 62.8 points, or 2.3%, while the Nasdaq Composite (IXIC - 8,495.38) added 232.2 points, or 2.8% for the day.

The Cboe Volatility Index (VIX - 41.98) fell 3.4 points, or 7.6%. 

Closing Indexes Summary April 22

NYSE and Nasdaq Stats April 22

5 Items on Our Radar Today

  1. It has been estimated that initial jobless claims likely jumped 4 million in the past week, making the number of unemployed workers applying for benefits over 25 million. (MarketWatch)
  2. Meat industry prices are starting to surge as a result of pandemic-related disruptions. Dennis Smith, a senior account executive at Archer Financial Services, expects a meat shortage in coming weeks. (Bloomberg)
  3. Netflix stock just saw a slew of price-target hikes. 
  4. Chevron stock pops on operations order.
  5. Medtronic down after taking revenue hit.

Earnings April 22

Unusual Options Activity April 22

Data courtesy of Trade-Alert

Gold Surges, Hits 1-Week High

Oil rose today after U.S. President Trump tweeted about protecting U.S. ships at sea and a smaller-than-expected weekly climb was reported in domestic gas stockpiles. June-dated futures rose $2.21, or 19.1%, to settle at $13.78 a barrel.

Gold prices ended at their highest in a week, as concerns regarding the long-term effects the pandemic will have on the economy expanded. Gold for June delivery rose $50.50, or 3%, to settle at $1,738.30 per ounce. 

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 

300x250 - Banner 3 - v1