Stock Market Update Friday, June 12th, 2020
Stocks were up nicely this morning after yesterday’s bloodbath.
At the open the S&P was up almost 3.0%!
But after the strong start, selling kicked in again. And by early afternoon stocks had erased the big overnight gains and were actually negative for the day.
Just when it looked like we were going to see a repeat of yesterday, stocks bounced back and managed to finish the day with a decent gain.
Although stocks finished higher, it wasn’t enough to put the major indices into positive territory for the week. In fact, the major indices finished with their biggest weekly loss since March.
Here’s where the major markets ended the day:
|*As of market close|
Which stocks were popular today?
American Airlines (AAL) was up 16.4% after announcing it would cut 13.5 billion dollars from its budget. The airline also reduced its “cash burn rate” to JUST 40 million a day. But traders seemed to love the move since the stock SOARED!
Adobe Inc. (ADBE) rallied 4.9% has seen a large increase in it’s monthly subscription service. As much of the economy utilizes a “work from home” model, ADBE has positioned itself to benefit in a HUGE way.
Hertz Global Holding (HTZ) jumped 37.4% today. The move came after a bankruptcy court ruled it could sell $1 billion dollars in a new stock offering. The stock closed at $2.83 on Friday. Not bad considering it traded as low as $0.55 when the company first filed for bankruptcy.
Tesla Inc. (TSLA) dropped 3.9% after a downgrade. Tesla managed to end the week with a 5.6% gain, but was well off the week’s highs after the stock rallied past the $1,000 mark earlier in the 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.