Stock Market Finishes Holiday-Shortened Week Higher
The Dow finished the the week up 12.7%
The Dow finished the last day of the holiday-shorted week up over 280 points, losing some of its midday rally after Democrats in congress blocked McConnell's bid to unanimously add $250 billion in small-business aid. However, the Fed announced new programs directed at small and medium-sized business, totaling up to $2.3 trillion. This news was enough to outweigh the increasing unemployment rates for now, as the Nasdaq and S&P 500 enjoyed sizable gains, finishing the day and week deep in the black.
Continue reading for more on today's market, including:
Stitch Fix stock leaps on strong product demand.BLK stock makes moves on Microsoft deal.Plus, Zoom stock rises despite Senate pressure; COST drops on bear note; and an analyst burns Anthem stock.
The Dow Jones Industrial Average (DJI - 23,719.37) rose 285.8 points, or 1.2% higher for the day. J.P. Morgan Chase (JPM) topped the charts with an 9% win, while Intel (INTC) finished at the bottom with a 3.1% loss. For the week, the blue-chip added 12.7%
The S&P 500 Index (SPX - 2,789.82) gained 39.8 points, or 1.5%,while the Nasdaq Composite (IXIC - 8,153.58) tacked on 62.7, or 0.8% for the day. For the week, the indexes tacked on 12.1% and 10.5%, respectively.
The Cboe Volatility Index (VIX - 41.67) fell 1.7 points, or 3.9%. The VIX fell 11% for the week.
5 Items on Our Radar Today
National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci said the White House task force built to handle the impact of coronavirus was working on a balance between public health and allowing people to get back to some mark of normality. (MarketWatch)Following a surge in job losses and mandatory social distancing, a preliminary reading shows the consumer sentiment index dropping from 89.1 to 71 in early April. This would mark a historical one-month decline and nine-year low. (MarketWatch)Zoom stock shakes off Senate warning.Bulk retailer suffers analyst slam.Anthem stock earns a downgrade despite yesterday's pop.There were no earnings of note today.
Data courtesy of Trade-Alert
Gold Lands 7-Year High
Oil prices dropped, erasing an earlier gain over 12%, as Wall Street waits on details from the Organization of the Petroleum Exporting Countries + (OPEC+) meeting, specifically a decision on production cuts. May-dated futures fell $2.3, or 9.3%, to settle at $22.76 a barrel for the day, and down 19.7% for the week.
Gold ended with the highest finish for a most-active contract since October 2012, following the reveal of multiple stimulus plans, of which, sent the dollar lower. Gold for June delivery rose $68.50, or 4.1%, to settle at $1,752.80 per ounce. For the week, gold futures rose about 7%.