Stock were up early on news that COVID-19 cases seem to be tapering off.
According to John Hopkins data, there were 32,100 new cases in the U.S. on Friday, 33,260 cases on Saturday, and just 28,200 cases on Sunday.
But it really doesn’t matter if it’s a data blip, or a real change in coronavirus cases because traders loved the news!
The major indices were up almost 4.0% overnight, then quickly dropped at the open.
But after a quick 10-minute slide, stocks rallied all morning long.
Trading was sideways during lunch and in early afternoon trading. But stocks rallied to session highs in the last 30 minutes of the day to put the major indices up over 7.0% across the board!
Here’s where the major indices ended the day:
The S&P finished with a 7.0% gain. Up 175 points, the S&P ended at 2,664.
The DOW ended higher by 7.7%. Adding 1,627 points the DOW closed at 22,680.
The NASDAQ was up 7.3%. With a 534 point gain the NASDAQ finished at 7,908.
Crude Oil (CL) snapped its 2-day win streak. With a 7.6% loss, Crude Oil finished at $26.20 a barrel. Crude Oil was up big last week on hopes that there would be an output cut. But today’s OPEC meeting was postponed for later this week and the uncertainty was a good reason to take profits.
Gold (GC) joined stocks with a big day of its own. Up 2.9%, Gold flirted with the 1,700 mark and finished at $1693.6 an ounce.
Boeing (BA) announced that it will suspend production at its South Carolina factories because of the coronavirus until further notice. But traders seemed to like decision…the stock was up 19.5%.
Wayfair (W) seems to be a hit with the “stay at home” crowd. The online retailer says business is booming with an increase in office furniture and home decor sales. Wayfair stock rallied 36.2% today.
Former Fed Chair Janet Yellen threw a wet blanket on Friday’s already worrisome jobs numbers. Yellen said that if Friday’s numbers included more up to date data, we’d probably see unemployment at “12 or 13% at this point and moving higher.”