Oil futures remained at their lowest since 2002
The Dow extended its midday rally to end both the day and week higher thanks to a life out of Boeing (BA). However, it did pare earlier gains due to underperforming Apple (AAPL) and Amazon.com (AMZN). The Nasdaq and S&P 500 also ended the day and week in the black, boosted by optimism over Gilead Sciences' (GILD) potential coronavirus treatment. Looking ahead, next week will be earnings-filled, with blue chips Coca-Cola (KO) and American Express (AXP) among the many slated to report.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,242.49) rose 704.8 points, or 3% for the day. In opposite positions from yesterday, Boeing (BA) topped the charts with a 14.7% win, while UnitedHealth (UNH) finished at the bottom with a 2.6% loss. The Dow logged its second week of gains, up 2.2%.
The S&P 500 Index (SPX - 2,874.56) added 75 points, or 2.7% for the day; up 3% for the week. Meanwhile, the Nasdaq Composite (IXIC - 8,650.14) tacked on 117.8 points, or 1.4% for the day, and finished up 6% for the week.
The Cboe Volatility Index (VIX - 38.15) shed 2 points, or 4.9% for the day, down 8.4% for the week.
5 Items on Our Radar Today
- After the government's small business loan program of nearly $350 billion ran out of funds on April 16, many are awaiting for clarity and loans to keep their businesses afloat. (CNBC)
- A group of democratic senators announced that U.S. airline companies could be sitting on more than $10 billion owed to passengers. By Federal law, passengers are entitled to refunds for canceled flights. (Reuters)
- IBM just attempted a pre-earnings rebound.
- The spotlight landed on Gilead Sciences for its COVID-19 treatment.
- How Regions Financial brushed off disappointing earnings.
Data courtesy of Trade-Alert
Gold, Oil Finish Week with Losses
Oil futures once again dropped, remaining at their lowest mark in over 18 years. May-dated futures fell $1.60, or 8.1%, to settle at $18.27 a barrel. For the week, oil prices are down 19.7%.
Gold futures ended lower today, for a third straight session. Gold for June delivery dropped $32.90, or 1.9%, to settle at $1,698.80 per ounce. For the week, gold futures finished down 3.1%.