Stock Market Soars as Oil Pulls Back
June-dated crude dropped to its second-lowest settlement on record
The Dow extended its midday rally to finish the day up over 350 points, as states start planning to ease coronavirus lockdowns and investors look towards the reopening of the economy. The Nasdaq andS&P 500 also enjoyed a notable lift, both closing in the black. However, gains were capped for all three indexes as June-dated crude suffered a nearly 25% selloff in today's session.
Continue reading for more on today's market, including:
Twitter stock gets a pre-earnings boost.Why options bulls are eyeing Cronos stock.Plus, one blue-chip's bear note; DB exceeds first-quarter expectations, and AutoNation's stimulus pledge.
The Dow Jones Industrial Average (DJI - 24,133.78) rose 358.5 points, or 1.5%. Walt Disney (DIS) topped the charts with a 4.8% win, while Procter & Gamble (PG) finished at the bottom with a 1.1% loss.
The S&P 500 Index (SPX - 2,878.48) gained 41.7 points, or 1.5% for the day, while the Nasdaq Composite (IXIC - 8,730.16) earned 95.6 points, or 1.1% for the day.
The Cboe Volatility Index (VIX - 33.29) fell 2.6 points, or 7.4% for the day.
5 Items on Our Radar Today
The Supreme Court will not issue a ruling in a New York gun regulation case, its first second-amendment case in nearly a decade. According to the court's unsigned opinion, the rollback of the rule by officials made it unnecessary for them to intervene. (CNBC)Lenders say the U.S. Small Business Administration's (SBA) Paycheck Protection Program was overwhelmed with traffic and inaccessible to the flood of applicants, similarly to the first round of the program. (Bloomberg)Caterpillar stock dips on downgrade. Bank stock bumped up on preliminary profit beat.Behind AN's small-business loan pledge.There are no earnings of note today.
Data courtesy of Trade-Alert
June-Dated Crude Falls 25%
Oil futures dropped to the second-lowest settlement on record for the June contract as the overflow in supply breeds concern. June-dated crude fell $4.16, or 24.6%, to settle at $12.78 a barrel.
Gold futures finished lower today for the second straight session as the broader market sees new optimism. Gold for June delivery fell $11.80, or 0.7%, to settle at $1,723.80 an ounce.