Thursday's Market Recap - Strong Rally As Senate Passes Coronavirus Economic Stimulus Bill.
What is The Premarket Telling Us?
7:00 AM.
US stocks are moderately negative at this hour. Dow futures down 61 points, Nasdaq futures down 42 points, and S&P futures down 18 points. Investor may be anticipating an ugly Initial Jobless Claims number, at 8:30 AM this morning.
On The Bond Desk:
The US 10 Year Bond Yield at 0.86%, up 0.04%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.18
Crude Oil:
WTI crude oil futures at 29.71/barrel, down 3.18%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed lower in their session. Japan (Nikkei 225) fell 4.51%, Shanghai fell 0.60%, Hong Kong (Hang Seng) lost 0.74%.
Major European markets ended with gains. German (DAX) up 1.28%, France CAC 40 up 2.51%, London FTSE 100 at 2.24%.
Market And Sector Dynamics
Stocks jumped off to a positive start, with the Dow up 324 points, Nasdaq up 84 points, and the S&P up 25 points, even with a record breaking 3.283 million initial jobless claims number for the week. WTI crude oil is lower early, at $23.61/barrel, down 3.51%. All eleven S&P sector are solidly higher in this morning's broad rally. Investors are responding to the unanimous passing of the coronavirus economic support bill, which was passed in the Senate, around 1:00 AM this morning.
Market gained momentum gained momentum during the session, and actually gaped higher shortly before the close of trading.
Today's rally was broad based and strong, with all eleven S&P sectors closing with solid gains, led by Utilities, Real Estate, Healthcare, Financials, Industrials, Technology, Energy, Communication Services, Consumer Staples, and Consumer Discretionary.
Factors Influencing Today's Market
A risk on day as investors cheer the passing of the economic stimulus bill in the Senate.
A record 3.283 million unemployment claims reported this week, due to massive layoffs.
Final read on Fourth Quarter GDP was up 2.1%.
Asian market were lower ahead of our markets, But European stocks closed moderately higher.
WTI crude oil closed today at $22.60/barrel, down 7.72%.
US 10 Year Bond Yield closed at 0.848%, down 2.41%.
Market Close Volume Traded And Advance Decline Ratio
The bull have recorded a third consecutive day of gains today. At the close of trading the Dow was up 1351.62 points, Nasdaq gained 413.24 points, and the S&P rose 154.51 points. Total NYSE volume traded, a heavy 7.78 billion shares. Advancing shares outpaced Declining shares better than 7:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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