Thursday's Market Recap - Dow Closes Higher For 3 Day In A Row. Is It Real?
What is The Premarket Telling Us?
7:30 AM.
US stock futures are mixed at this hour. Dow futures up 30 points, Nasdaq futures down 12 points, and S&P futures up 4 points. Major Asian markets were mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.76%, up 0.02%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $26.32/barrel, up 4.90%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mixed today. Japan (Nikkei 225) up 0.79%, Shanghai down 1.04%, Hong Kong (Hang Seng) up 1.38%.
Major European markets closed higher. German (DAX) up 2.24%, France CAC 40 up 1.44%, London FTSE 100 up 2.90%.
Market And Sector Dynamics
Markets opened decidedly higher. Less than fifteen minutes later, the Dow up 420 points, Nasdaq rose 108 points, S&P rose 47 points. WTI crude oil is up $26.81/barrel, up 6.54%, and the US 10 Year Bond sits at 0.767%.
Markets are responding to the Federal Reserves unpresedented action this morning, a $2.3 Trillion Intervention program to support the economy, which has added greater confidence to investors.
The jobless claims report this morning was another record breaking one, which shows another 6.6 million claims. Two back to back weeks of over 6.6 million claims as people laid off during this coronavirus pandemic, file claims.
The markets were choppy early in the session, albeit well into positive territory, climbed higher in the late morning through the late afternoon session. At the high the Dow was up more than 550 points early in the session. An hour before closing stocks retreated, giving up most of the earlier gains, but recovered a short while later to close just short of 300 points.
Today session was somewhat choppy, but very positive, and broad based, with ten of eleven S&P sectors closing with gains, led by Financials, Real Estate, Utilities, Basic Materials, Industrials, Consumer Discretionary, Consumer Staples, Communication Services, and Healthcare. Energy was the only laggard today.
Factors Influencing Today's Market
Federal Reserve unleashed a surprise $2.3 Trillion intervention to support the economy.
This week's Initial Jobless Claims was another blockbuster 6.6 million claims.
The US 10 Year Bond Yield at 0.729%, down 5.45%.
WTI Crude Oil closed at $26.76/barre, down 9.29%.
OPEC plus including Russia has agreed to cut oil production in May & June, by 10 million barrels a day. As of Thursday's meeting Mexico did now agree.
This week's Baker Hughes US Oil Rig Count fell
As expected April Consumer Sentiment Report fell 71 vs 75 estimated.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were higher. The Dow gained 285.80 points, Nasdaq rose 62.67 points, and the S&P up 39.84 points. Total NYSE volume traded, a heavy 7.96 billion shares. Advancing shares outpaced Declining shares better than 6:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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