Another 6 million+ unemployed and stocks rally?!?!
|Unemployment Claims were released today. And it’s bad.
Last week 6,648,000 people filed for unemployment. This is the most ever.
With these numbers, it’s safe to say that even psychics are getting laid off…and something tells us they didn’t see it coming!
Index futures were up ahead of today’s Unemployment Claims report.
But after the news, the E-Mini S&P slide 2.4% erasing overnight gains and putting the major indices in negative territory heading into the U.S open.
Trading was choppy when the U.S. session started, but then stocks rallied.
There was a pullback early afternoon, but stocks rallied again and finished near session highs.
Here’s where the major indices ended the day:
- The S&P finished with a 2.3% gain. Up 56 points, the S&P ended at 2,527.
- The DOW ended higher by 2.2%. Adding 470 points the DOW closed at 21,413.
- The NASDAQ was up 1.7%. With a 124 point gain the NASDAQ finished at 7,487.
Crude Oil (CL) had a HUGE day! With a 24.0% gain, Crude Oil finished at $25.19 a barrel, the biggest 1-day jump ever
Crude Oil’s rally came after President Trump said that Saudi Arabia and Russia could cut production oil by 10 million barrels a day. Later in the day Trump said the number could be as high as 15 million barrels.
Crude Oil jumped big time. And at one point was trading higher by 34%.
Tesla (TLSA) finished the day with a 5.6% loss. But after reporting better than expected first quarter deliveries after the bell, Tesla is up almost 16.0% in after-hours trading…which should help the puts we sold in our Mastermind Virtual Boardroom this week!
Zoom Video (ZM) dropped 11.0% after its CEO apologized for security issues and said the platform wasn’t built to handle the current number of users.
And of course the coronavirus is still a major factor driving the markets. Today COVID-19 cases passed the 1 million mark, with cases doubling in a week.
Tomorrow is another big day for jobs. Tomorrow’s Jobs Report will be released at 8:30am ET.
The March jobs report will probably be ugly. And if the report shows a decline in nonfarm payrolls (it should will), it will be the first time jobs have decreased since 2010.
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