U.S. stocks higher at close of trade; Dow Jones Industrial Average up 2.24% By Investing.com


© Reuters. U.S. stocks higher at close of trade; Dow Jones Industrial Average up 2.24%

Investing.com – U.S. stocks were higher after the close on Thursday, as gains in the , and sectors led shares higher.

At the close in NYSE, the added 2.24%, while the index climbed 2.28%, and the index added 1.72%.

The best performers of the session on the were Chevron Corp (NYSE:), which rose 11.03% or 7.56 points to trade at 76.12 at the close. Meanwhile, Exxon Mobil Corp (NYSE:) added 7.65% or 2.87 points to end at 40.40 and Caterpillar Inc (NYSE:) was up 4.84% or 5.39 points to 116.74 in late trade.

The worst performers of the session were Walgreens Boots Alliance Inc (NASDAQ:), which fell 6.30% or 2.71 points to trade at 40.32 at the close. United Technologies Corporation (NYSE:) declined 5.87% or 5.36 points to end at 86.01 and Boeing Co (NYSE:) was down 5.68% or 7.43 points to 123.27.

The top performers on the S&P 500 were Occidental Petroleum Corporation (NYSE:) which rose 18.90% to 12.77, Apache Corporation (NYSE:) which was up 16.67% to settle at 4.69 and Diamondback Energy Inc (NASDAQ:) which gained 15.88% to close at 29.05.

The worst performers were Norwegian Cruise Line Holdings Ltd (NYSE:) which was down 12.04% to 8.40 in late trade, Arconic Inc (NYSE:) which lost 10.26% to settle at 6.21 and Macerich Company (NYSE:) which was down 9.87% to 5.02 at the close.

The top performers on the NASDAQ Composite were Payment Data Systems Inc (NASDAQ:) which rose 44.44% to 1.560, Cellect Biotechnology Ltd (NASDAQ:) which was up 42.75% to settle at 1.970 and EuroDry Ltd (NASDAQ:) which gained 36.10% to close at 5.58.

The worst performers were Luckin Coffee (NASDAQ:) which was down 75.57% to 6.40 in late trade, Golar LNG Partners LP (NASDAQ:) which lost 44.86% to settle at 1.77 and Safe-T Group Ltd ADR (NASDAQ:) which was down 38.07% to 1.35 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1719 to 1128 and 60 ended unchanged; on the Nasdaq Stock Exchange, 1447 rose and 1200 declined, while 72 ended unchanged.

Shares in Arconic Inc (NYSE:) fell to all time lows; losing 10.26% or 0.71 to 6.21. Shares in Macerich Company (NYSE:) fell to all time lows; losing 9.87% or 0.55 to 5.02. Shares in Walgreens Boots Alliance Inc (NASDAQ:) fell to 5-year lows; down 6.30% or 2.71 to 40.32. Shares in Luckin Coffee (NASDAQ:) fell to all time lows; falling 75.57% or 19.80 to 6.40. Shares in Golar LNG Partners LP (NASDAQ:) fell to all time lows; falling 44.86% or 1.44 to 1.77.

The , which measures the implied volatility of S&P 500 options, was down 10.78% to 50.91.

Gold Futures for June delivery was up 2.76% or 43.95 to $1635.35 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May rose 21.76% or 4.42 to hit $24.73 a barrel, while the June Brent oil contract unchanged 0.00% or 0.00 to trade at $29.63 a barrel.

EUR/USD was up 0.01% to 1.0857, while USD/JPY fell 0.04% to 107.86.

The US Dollar Index Futures was up 0.46% at 100.208.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Original source link

Dow Slumps as Rising Infections Trigger Further U.S. Lockdowns By Investing.com


© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow plunged on Wednesday, a day after suffering its worst first-quarter loss ever, as fears over the Covid-19 pandemic intensified with several states going into lockdown to curb the outbreak.

The fell 4.60%, or 1,000 points. The slipped 4.81% and the fell 4.71%.

In a sign of the outbreak is gathering pace in the U.S., Florida Governor Ron DeSantis issued “stay at home” order for at least 30 days, with Nevada and Pennsylvania also imposing similar measures just a day after President Donald Trump’s grim warning that a “painful two weeks” lie ahead for the U.S.

The ramp-up in lockdown measures in the U.S. comes as New York state, the epicenter of the outbreak in the U.S., saw a jump in cases 83,712 from 75,795 on Tuesday.

China, meanwhile, suffered a setback after a county in central China’s Henan province went into lockdown, following several infections in the area, Reuters reported. The fresh outbreak comes as some question whether China has concealed the real number of infections and deaths in the country.

China has deliberately under-reported the total number of coronavirus cases and deaths in the country, the U.S. intelligence community told the White House, Bloomberg reported, citing sources.

Defensive corners of the market were unable to sidestep the sea of red on Wall Street, with real estate and utility stocks pacing the broader market decline.

Energy, meanwhile, was also caught up in the selloff storm, pressured by falling oil prices as fears about a glut in supply mount as the U.S. inventories continue to build.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Original source link

Dow slides more than 600 points as Trump’s warning on coronavirus puts investors on edge


Stocks fell early Wednesday after President Donald Trump warned that a “very, very painful” two weeks lies ahead for the country in face of a rapidly spreading COVID-19 pandemic.

The pandemic has raised fears the world’s largest economy is experiencing an unprecedented disruption to industries, small businesses and households, after leaving U.S. equities with their worst quarterly performance since 2008 in the first quarter.

What are major indexes doing?

The Dow Jones Industrial Average

DJIA, -3.14%

  fell 674 points, or 3.1%, to 21,243. The S&P

SPX, -3.29%

 slipped 84 points, or 3.2%, to 2,501. The Nasdaq Composite

COMP, -2.82%

  shed 199 points, or 2.6%, to 7,501.

Stocks ended lower on Tuesday, capping a quarter that saw stocks tumble from February records into a bear market at record speed. The Dow logged a 23.2% quarterly fall, its biggest first-quarter drop on record and biggest quarterly decline since 1987. The S&P 500 fell 20% for its biggest quarterly selloff since the final three months of 2008. The Nasdaq Composite fell 14.2% for the quarter.

Read: Here’s how the stock market tends to perform after brutal quarters

What’s driving the market?

A continued rise in COVID-19 cases in the U.S. and around the world weighed on equities, with Trump warning late Tuesday that a “very, very painful” two weeks lies ahead for the country. The White House released new projections for 100,000 to 240,000 deaths in the U.S. from the coronavirus pandemic even if current social distancing guidelines are maintained.

See: Dow faces crucial April test as coronavirus pandemic brings ‘blizzard of bad news’

The number of COVID-19 cases world-wide rose to 862,234 on Wednesday, while the number of deaths rose to 42,404 according to data from Johns Hopkins Unviversity. The U.S. has the most number of cases world-wide, at 189,633, and 4,081 deaths.

“The grim situation world-wide makes it inevitable that major economies will suffer a severe downturn and the prospect of a prolonged period of business shutdowns is likely to weigh on equity markets for at least the next few weeks, if not months,” said Raffi Boyadjian, senior investment analyst at XM, in a note.

The U.S. labor market saw growing cracks as businesses curtailed hiring and shed workers. Automatic Data Processing reported the U.S. economy lost 27,000 private-sector jobs in March, though the data is expected to be of little use in predicting the official unemployment numbers due on Friday due to distortions created by the pandemic.

In other U.S. data published Wedneday, the IHS Markit final U.S. March manufacturing PMI fell to 48.5 from initial 49.2. A reading of the index below 50 indicates contraction in activity.

The Institute for Supply Management’s March U.S. manufacturing index is due at 10 a.m. Eastern is expected to fall to 44% from 50.1% in February. A reading below 50 indicates a contraction in activity.

Meanwhile, expectations are growing for another round of fiscal stimulus following the passage last week of a $2 trillion relief package.

As Washington considers other steps for responding to the coronavirus pandemic and the resulting economic damage, Trump and House Speaker Nancy Pelosi both have suggested a “Phase 4” package could include spending on infrastructure.

Which companies were in focus?

Xerox

XRX, -4.22%

  dropped its $35 billion hostile bid for HP Inc.

HPQ, -8.09%

 , saying it was prioritizing its response to the outbreak over all other considerations. The company’s shares were down more than 2%.

Shares of T-Mobile US Inc.

TMUS, -0.04%

  were up slightly after the network provider officially closed its merger with Sprint.

Whiting Petroleum

WLL, -43.32%

filed for bankruptcy and said it had agreed with some of its debtholders to pursue a financial restructuring. Under the proposed terms, it would hand 97% of any new equity to its bondholders. Low crude prices have put oil companies under pressure, raising the likelihood that the U.S. energy sector will see a spate of defaults.

How did other markets trade?

Government bond yields extended their drop, with the yield on the 10-year U.S. Treasury

TMUBMUSD10Y, -10.33%

 tumbling 10 basis points to 0.602%.

Oil prices traded near depressed levels, with the price of a barrel of West Texas Intermediate crude oil

CLK20, -0.88%

  for May delivery was virtually flat at $20.47 a barrel on the New York Mercantile Exchange. In precious metals, gold

GCJ20, -0.42%

  for June delivery fell $6.80, or 0.4%, to trade at $1,576.60 an ounce on Comex.

The U.S. dollar

DXY, +0.54%

  rose 0.6% against a basket of its major trading partners, according to the ICE U.S. Dollar index.

European stocks traded sharply lower, with the STOXX Europe 600 index

SXXP, -2.77%

  down more than 3.2%. In Asia overnight, stocks reported similar losses. The China CSI 300

000300, -0.30%

 was down 0.3%, and Japan’s Nikkei 225

NIK, -4.50%

  booked a 4.5% decline on Wednesday.



Original source link

Dow faces crucial April test after suffering worst first quarter ever


April will pose a crucial test for stock-market investors looking for signs that the worst of the market carnage triggered by the global COVID-19 pandemic is past, as the outbreak continues to claim lives and promises historic, near-term economic pain.

Bears contend the sheer uncertainty surrounding the impact of the pandemic is likely to pave the way to further waves of selling.

“The coming weeks will be a blizzard of bad news — both on the economy and public health,” said Zach Pandl, macro strategist at Goldman Sachs, in a Monday note. “We doubt that markets will be able to price out adverse tail risks against that backdrop, and new challenges might emerge, including sovereign downgrades, FX peg breaks, or a wave of business failures.”

But some investors and analysts contend that while markets are likely to remain volatile, the stock market’s bounceback last week after tumbling with record speed from all-time highs into a bear market, gives hope that March 23 lows for major indexes may more or less hold.

Even hopeful investors often caution that bear markets are typically volatile and often see sharp rebounds before retesting lows or going on to decline even further before finding a bottom. But the fast and sizable policy response by central banks and governments have some market watchers arguing that the probability that the recent lows will hold may be better than in past major selloffs.

SunTrust

Keith Lerner, chief market strategist at SunTrust Advisory, said the lessons of past bear markets would normally lead him to place the probability of a retest of the market low somewhere between 70% and 80%. But he thinks the odds of a retest of the March 23 low are instead closer to 50/50.

“The market already knows that the economic data in the weeks and months ahead will be weak. The question is whether or not it will be worse than current expectations,” he said in a note.

For example, last week’s first-time weekly jobless claims figure soared past the previous record to top 3 million, yet markets rallied on the day, Lerner observed.

Stocks in early March completed a tumble into a bear market with record speed before bouncing sharply last week — a rebound that still left the Dow Jones Industrial Average with its biggest first-quarter decline

DJIA, -1.84%

 on record with a 23.2% fall and its worst quarterly performance overall since 1987. The S&P 500

SPX, -1.60%

 saw a 20% first-quarter fall, its biggest since the final three months of 2008.

The Dow on March 23 finished at 18,591.93, its lowest close since Nov. 9, 2016, which left it with a pullback of more than 37% from its all-time closing high set in February. The S&P 500, on the same day, ended at 2,237.40, its lowest close since Dec. 6, 2016, marking a nearly 34% pullback from its record finish. The indexes then began a rebound that saw the Dow log its biggest three-day gain since 1931.

Lerner said the market is likely to remain volatile in coming weeks, but that long-term investors likely stood to be rewarded by delving back into the market. Following last week’s sharp upswing, he now calls for a gradual, averaging-in approach, using pullbacks to add exposure.

Meanwhile, bullish investors might take only limited comfort in April’s position as one of the strongest calendar months for equities.

First-quarter earnings season will also kick off in April. Analysts have struggled to pin down the effects of the pandemic on the just completed quarter and, in particular, what it means for the coming quarter.

See: Will companies in the Dow report earnings as usual despite COVID-19 disruptions, or delay them because they can?

Analysts now expect the S&P 500 to report a year-over-year 5.2% decline in first-quarter earnings, followed by a 10% decline in the second quarter and third-quarter fall of 1.1%, according to FactSet. Over the past week, the aggregate earnings growth rate for calendar-year 2020 changed from slight year-over-year earnings growth of 0.6% to a slight year-over-year earnings decline of less than 0.1%.



Original source link

U.S. stocks lower at close of trade; Dow Jones Industrial Average down 4.06% By Investing.com


© Reuters. U.S. stocks lower at close of trade; Dow Jones Industrial Average down 4.06%

Investing.com – U.S. stocks were lower after the close on Friday, as losses in the , and sectors led shares lower.

At the close in NYSE, the fell 4.06%, while the index fell 3.37%, and the index declined 3.79%.

The best performers of the session on the were Procter & Gamble Company (NYSE:), which rose 2.60% or 2.79 points to trade at 110.17 at the close. Meanwhile, The Travelers Companies Inc (NYSE:) added 1.30% or 1.28 points to end at 99.95 and Walmart Inc (NYSE:) was down 0.22% or 0.24 points to 109.58 in late trade.

The worst performers of the session were Boeing Co (NYSE:), which fell 10.27% or 18.55 points to trade at 162.00 at the close. Chevron Corp (NYSE:) declined 9.95% or 7.60 points to end at 68.78 and Walt Disney Company (NYSE:) was down 8.50% or 8.96 points to 96.40.

The top performers on the S&P 500 were Extra Space Storage Inc (NYSE:) which rose 6.89% to 96.02, AvalonBay Communities Inc (NYSE:) which was up 6.10% to settle at 160.27 and United Dominion Realty Trust Inc (NYSE:) which gained 6.04% to close at 37.94.

The worst performers were Norwegian Cruise Line Holdings Ltd (NYSE:) which was down 23.49% to 12.02 in late trade, Carnival Corporation (NYSE:) which lost 19.14% to settle at 14.41 and Apache Corporation (NYSE:) which was down 15.62% to 4.86 at the close.

The top performers on the NASDAQ Composite were Top Ships Inc (NASDAQ:) which rose 193.12% to 0.2345, BIO-Key International Inc (NASDAQ:) which was up 94.41% to settle at 1.0500 and Edtechx Holdings Acquisition Corp (NASDAQ:) which gained 49.78% to close at 17.00.

The worst performers were Arbutus Biopharma Corp (NASDAQ:) which was down 46.46% to 1.21 in late trade, Chanticleer Holdings Inc (NASDAQ:) which lost 37.97% to settle at 0.4900 and The Michaels Companies Inc (NASDAQ:) which was down 27.12% to 2.02 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 2270 to 640 and 26 ended unchanged; on the Nasdaq Stock Exchange, 2063 fell and 647 advanced, while 29 ended unchanged.

Shares in Edtechx Holdings Acquisition Corp (NASDAQ:) rose to all time highs; rising 49.78% or 5.65 to 17.00.

The , which measures the implied volatility of S&P 500 options, was up 7.44% to 65.54.

Gold Futures for April delivery was down 1.25% or 20.60 to $1630.60 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May fell 3.36% or 0.76 to hit $21.84 a barrel, while the May Brent oil contract fell 4.86% or 1.28 to trade at $25.06 a barrel.

EUR/USD was up 1.04% to 1.1143, while USD/JPY fell 1.50% to 107.94.

The US Dollar Index Futures was down 1.04% at 98.422.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Original source link