Another dismal weekly jobless claims report weighed on stocks earlier
The Dow staged a big comeback today, ending over 375 points higher as it steadily distanced itself from a morning spent deep in the red and another round of depressing jobs data. Strength in the financial sector was responsible for the blue-chip index's rebound, while the S&P and Nasdaq also enjoyed a bounce, settling modestly higher on Thursday. Meanwhile, the Cboe Market Volatility Index (VIX) reversed course, ending over 7% lower.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 23,625.34) tacked on 377.4 points, or 1.6% on Tuesday. Twenty-six of the 30 index members finished higher, with American Express (AXP) in the lead on a 7.4% pop, while Coca-Cola (KO) dropped to the bottom on a 0.5% loss.
The S&P 500 Index (SPX - 2,852.50) added 32.5 points for the day, or 1.2%. Meanwhile, the Nasdaq Composite (IXIC - 8,943.72) ended 80.6 points, or 0.9%, higher.
The Cboe Volatility Index (VIX - 32.61) lost 2.7 points, or 7.6%.
5 Items on Our Radar Today
- The Internal Revenue Service (IRS) said it would let workers change their health plans and flexible spending accounts mid-year in its new guidelines, in light of the coronavirus pandemic. (CNBC)
- Data from recommendation engine TasteDive American's interest in classical music has gone up by nearly 13% since early March, while interest in dance and electronic music has slid by 20%, based on recommendations from over 80 million users. (MarketWatch)
- How Delta stock fared today after ditching the Boeing 777.
- The home cooking staple stock Credit Suisse is eyeing.
- Promising drug data gave ALLO a jolt.
Data courtesy of Trade-Alert
Oil Logs Best Close in Five Weeks; Gold Stays Hot
Oil futures enjoyed a sizable win today, given a boost by lockdown leniency in some U.S. states, and the recently announced promise of crude production cuts. June-dated crude dropped added, or 9%, to settle at $27.56 a barrel -- its highest close since April 3.
Gold futures notched their third daily win to end at a three-week high, after another round of dismal jobs data sent more investors turning toward the safe haven asset. Gold for June delivery added $24.50, or 1.4%, to settle at $1,740.90 an ounce.