Best week since 1974!
|This morning we had some big news to digest.
Unemployment Claims were released before the bell and once again unemployment numbers are ugly.
With another 6.6 million filing for unemployment, the U.S. has lost 10% of its workforce in just 3 weeks.
But there was also news from the Fed.
The Fed announced a $2.3 trillion plan to help support the economy by offering credit to small businesses, households, and state and local government.
Stocks jumped after the Fed stimulus news and rallied at the open.
But after a quick move higher trading was choppy.
There was a slow drift higher from lunch until early afternoon.
A pullback from 1:30 to 3pm ET left stocks below session highs. But stocks still managed to finish the day with nice gains.
With the short 4 day week the S&P is up 12.1% this week. This is the biggest gain for the S&P since 1974!
Here’s where the major indices ended the day:
- The S&P finished with a 1.5% gain. Up 40 points, the S&P ended at 2,790.
- The DOW ended 1.2% higher. Adding 286 points the DOW closed at 23,719.
- The NASDAQ was up 0.8%. With a 63 point gain the NASDAQ finished at 8,154.
Crude Oil (CL) rallied past $28 a barrel then plunged, erasing double-digit gains. With an 8.9% loss, Crude Oil finished at $22.86 a barrel.
JPMorgan Chase (JPM) was one of the bigger winners today, up 9.0%.
And Pfizer (PFE) Jumped today after the company’s scientific officer said that they have a drug that is showing promise with coronavirus and they hope to begin trials in just a few months (much earlier than most expected). Pfizer finished the day with a 2.3% gain.
Costco (COST) announced a 12.1% jump in March sales. But also said sales were limited for the 2nd half of March into April because of social distancing measures put in place. The stock lost 2.0%.
Markets are closed tomorrow for Good Friday.
Next week earnings season kicks off, with JPMorgan Chase (JPM) and Wells Fargo (WFC) reporting on Tuesday.
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