Wall Street brushed off another week of spiking jobless claims
Stocks turned in outsized gains today -- buoyed by optimism over easing lockdown restrictions -- as investors mostly overlooked another week of dismal jobless claims. The big story was the tech-rich Nasdaq, which added over 1.4% to close atop its year-to-date breakeven for the first time since late-February. The Dow also made an impressive triple-digit move higher, while the S&P 500 got a boost from travel and hotel stocks amid reopening rumors. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), hit its lowest point since March 4 earlier today.
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The Dow Jones Industrial Average (DJI - 23,875.89) added 211.3 points, or 0.9% on Thursday. Sixteen of the index components ended higher, with Boeing (BA) taking the lead on a 5.6% pop, while Pfizer (PFE) fell to the bottom of the 14 losers on a 3.1% drop.
The S&P 500 Index (SPX - 2,881.19) tacked on 32.8 points, or 1.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 8,879.66) ended 125.27 points, or 1.4% higher., bringing its daily win streak to four
The Cboe Volatility Index (VIX - 31.44) lost 2.7 points, or 7.9%.
5 Items on Our Radar Today
- A court filing today said that the National Justice Department would be dropping its prosecution of former National Security Advisor Michael Flynn. This comes two years after Flynn plead guilty to misleading FBI agents regarding his communications with Russia's ambassador to the U.S., leading up to U.S. President Donald Trump's inauguration. (CNBC)
- Federal Reserve data shows a sharp drop in U.S. consumer borrowing for March, as more and more people lose their jobs and shy away from using credit cards. Total consumer fell at a 3.4% annual rate during this time period, while revolving credit took a 30.9% haircut. (MarketWatch)
- Options players piled on Dropbox calls before earnings.
- T-Mobile served up impressive subscriber growth in Q1.
- AMAT eyes trouble ahead.
Data courtesy of Trade-Alert
Oil Snaps Win Streak, Gold Bounces Back
Black gold pivoted lower today --its second-straight loss -- despite Saudi Arabia's decision to lift prices in an effort to stabilize the cost of crude. June-dated crude fell 44 cents, or 1.8%, to settle at $23.55 a barrel.
Gold futures, meanwhile, hardened today after news that roughly 3.2 million applied for unemployment benefits last week sent some investors running back towards the safe haven. Gold for June delivery added $37.30, or 2.2%, to settle at $1,725.80 an ounce.