Dow, Oil Close With Strong Wins
June-dated crude rose 22% for first gain in three sessions
The Dow marked a healthy session, up over 530 points, as investors cheered upbeat trial data from Gilead Science's (GILD) potential coronavirus treatment. In fact, all three major indexes managed to hold on to this morning's optimism, after the Federal Open Market Committee's (FOMC) April meeting statement said that interest rates will remain near zero. Fed Chair Jerome Powell also stated the Fed is prepared to use its full range of tools to offset the economic headwinds triggered by coronavirus.
Continue reading for more on today's market, including:
Movie theater giant on its way to a huge weekly win.Support in place for a Ciena stock rally.Plus, analysts rush to this FAANG stock; the coffee giant losing out on sales in China; and the rideshare company considering cuts.
The Dow Jones Industrial Average (DJI - 24,633.86) rose 532.3 points, or 2.2%. American Express (AXP) topped the charts with a 9% win, while Walmart (WMT) finished at the bottom with a 3.4% loss.
The S&P 500 Index (SPX - 2,939.51) gained 76.1 points, or 2.7% for the day, while the Nasdaq Composite (IXIC - 8,914.71) tacked on 307 points, or 3.6% for the day.
The Cboe Volatility Index (VIX - 31.23) fell 2.3 points, or 7% for the day.
5 Items on Our Radar Today
The Federal Reserve's April statement includes expanding the central bank's power to help the economy. Within that, the Federal Open Market Committee (FOMC) outlines what it will do. (MarketWatch)Nonprofit organizations struggle for funds as the need for their services jumps. (Reuters)Behind this FAANG stock's revenue win. Starbucks stock shifts downward after earnings.The carpool name rising on the charts.
Data courtesy of Trade-Alert
Oil Rebounds, Gold Falls Once Again
Oil futures logged their first gain in the last three sessions with news of countries easing lockdown restrictions that have encroached on energy demand. June-dated crude rose $2.72, or 22%, to settle at $15.06 a barrel.
Gold futures finished lower today for the fourth straight session, though it did move higher in after hours trading following the Fed's statement. Gold for June delivery fell $8.80, or 0.5%, to settle at $1,713.40 an ounce.