Stocks bounced back after Friday’s drop, and kicked off the week with a win.
Today’s gains come in spite of more bad COVID-19 news and a slide in oil.
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We’re starting to hear more and more COVID-19 numbers, and the impact on the economy, and things look grim…
- President Trump extended social distancing guidelines to April 30th.
- Right now there are more than 775,00 COVID-19 cases around the world and over 37,000 deaths. And last week the U.S. became the country with the most cases in the world, now almost 160,000.
- St. Louis Fed President James Bullard and economists believe the unemployment rate could hit 32%.
- And Fed research shows that there are 66.8 million workers with “high risk of layoff.”
But on a positive note, Bullard believes the hit to the economy might be short lived.
In a CNBC interview, Bullard said “this is a special quarter, and once the virus goes away and if we play our cards right and keep everything intact, then everyone will go back to work and everything will be fine.”
The major indies were up at the open and continued to rally throughout the morning.
Trading was sideways during lunch. But stocks rallied again in the afternoon and finished near highs of the day.
Here’s where the major indices ended the day:
- The S&P finished with a 3.4% gain. Up 85 points, the S&P ended at 2,627.
- The DOW ended higher by 3.2%. Adding 691 points the DOW closed at 22,327.
- The NASDAQ was up 3.6%. With a 294 point loss, the NASDAQ finished at 7,502.
Crude Oil (CL) dropped for the 3rd day in a row. With a 5.4% loss, Crude Oil finished at $20.33 a barrel. It was the lowest close for Crude Oil since 2002.
Tech stocks led today’s rally with Microsoft (MSFT) jumping 7.0%.
Ford Motors (F) and General Electric (GE) plan to produce 50,000 ventilators in the next 100 days. Ford was down 3.1% today and GE rallied 3.5%.
And Johnson & Johnson (JNJ) jumped 8.0% on news that the company will begin human testing on a potential vaccine in September.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link