The Dow and the S&P both enjoyed their biggest one-day jumps since April 6
Stocks hurtled higher today, thanks to a combination of this morning's positive early stage test results for Moderna's (MRNA) potential COVID-19 vaccination, coupled with Fed Chair Jerome Powell's apparent willingness to further help the U.S. economy. The Dow notched a roughly 911 point win, surging at the close for its best day since April 6. The S&P also enjoyed its best day since early April, while the Nasdaq saw a sizable gain as well, with all three benchmarks securing a three-day win streak.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,597.37) added almost 912 points, or 3.9% today. All but one blue chip finished in the black, the exception being Merch (MRK) which lost 0.1%. Boeing (BA) was in the lead with a 12.9% gain.
The S&P 500 Index (SPX - 2,953.91) added 90.2 points for the day, or 3.2%, while the Nasdaq Composite (IXIC - 9,234.83) ended 220.3 points, or 2.4%, higher.
The Cboe Volatility Index (VIX - 29.30) lost 2.6 points, or 8.1%.
5 Items on Our Radar Today
- There are 3,000 more jobs at stake for Uber (UBER), as the ride share company's mass layoffs continue. The company also added, in an email to employees, that it would be closing or consolidating 45 of its offices worldwide. Uber's last round of job cuts occurred on May 6 and affected 3,700 workers. (CNBC)
- The number of automated delivery start ups vying for funding is on the rise, with many predicting the success of contact-less services during the time of the coronavirus. John Krafcik, CEO of Alphabet (GOOGL)-owned automated driving company Waymo, told Reuters that "the reality right now is that good deliver is a bigger market that moving people." (MarketWatch)
- The show must go on for Cinemark stock, despite an analyst downgrade.
- The retailer bucking its sector slump before earnings.
- Analyst: this big box stock could weather the current financial crisis.
Data courtesy of Trade-Alert
Oil Climbs to Two-Month High, While Gold Pulls Back
Oil futures clocked a two-month high today as optimism over a potential cure for the coronavirus stoked expectations for an uptick in demand. June-dated crude added $2.39, or 8.1%, to settle at $31.82 a barrel.
Gold futures lost traction today, as hopeful investors turned back towards stocks and away from safe-haven assets. Gold for June delivery lost $21.90, or 1.3%, to settle at $1,734.40 an ounce.