Stock Market Update Monday, April 27th, 2020
Stocks rallied today, with traders optimistic over the efforts to re-open the economy.
Although a large part of the U.S. is shut down because of COVID-19, Alaska, Georgia, South Carolina, Tennessee and Texas are starting to allow restaurants and other establishments to serve customers. In Ohio, retail and services are allowed to reopen on May 12th.
And on Sunday, New York Governor Andrew Cuomo said that the state will reopen its economy in phases with the first phase focused on construction and manufacturing after May 15th.
The major indices were up at the open and rallied in the morning.
There was a minor pullback a little after 1pm ET, then an afternoon rally.
Stocks retreated from session highs in the last 15 minutes of the day, but still managed to finish the day with 1.0%+ gains.
The S&P and NASDAQ finished at 7-week highs today.
With today’s gains the S&P is on track to end April with its best month since 1987. As of today, the S&P is up 11.4% for the month.
Here’s where the major indices ended the day:
- The S&P finished with a 1.5% gain. Up 42 points, the S&P ended at 2,878.
- The DOW ended 1.5% higher. Adding 359 points the DOW closed at 24,134.
- The NASDAQ was up 1.1%. With a 98 point gain, the NASDAQ finished at 8,730.
Crude Oil (CL) snapped a 3-day winning streak and was hammered. With a 23.5% loss, Crude Oil ended the day at $12.96 a barrel.
MGM Resorts (MGM) and Carnival Corp (CCL)were up nicely on the news that the economy might reopen sooner than later.
MGM jumped 9.3% and Carnival rallied 9.0%.
With today’s rally the VIX (aka “Fear Index”) dropped 7.4% to 33.3.
It’s a big week for tech stocks. Alphabet (GOOGL), Facebook (FB), Microsoft (MSFT), Amazon (AMZN), and Apple (AAPL) are scheduled to report this week..
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.