Banks get a break and stocks rally – Here’s what you need to know…

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Stock Market Update Thursday, June 25th, 2020

Stocks opened lower this morning after more concerning coronavirus news and an increase in weekly Jobless Claims.

Wednesday’s COVID-19 totals showed a 1-day record for news cases in the U.S.

And Texas Governor Greg Abbot announced that the state would temporarily pause its reopening efforts. Gov. Abbot also said that “elective medical surgeries” would also be on hold.

We also had Jobless Claims for last week showing that 1.48 million people filed for unemployment vs. a 1.3 million forecast. It was the second week in a row that weekly claims were higher than expected.

Stocks quickly dropped after the open. But the sell off didn’t last long.

Thirty minutes into the trading session the major indices were higher and the S&P was trading in positive territory.

The move came after the FDIC announced that it is planning on easing some banking regulations. This move could free up approximately $40 billion for banking institutions.

After the rally from today’s lows, stocks traded sideways for most of the afternoon. Then out of nowhere stocks rallied into close and the major indices ended the day with gains of 1%+.

Here’s where the major markets ended the day:

MARKETS
arrow upS&P 5003,084+33+1.1%
arrow upDow Jones25,746+300+1.2%
arrow upNasdaq10,017+108+1.1%
arrow upCrude Oil38.75+0.74+2.0%
arrow downGold1770.8-4.3-0.2%
*As of market close

Bank stocks were on the move after today’s FDIC news.

Bank of America (BAC) was up 3.8%, JPMorgan Chase (JPM) rallied 3.5%, Citigroup (C) jumped 3.7% and Goldman Sachs (GS) ended with a 4.6% gain.

Walt Disney Co. (DIS) shares dropped 0.6% after the company announced that they will wait to reopen Disneyland until after July 17th. The announcement came a day after California announced record-high coronavirus cases.

Peloton (PTON) shares gained 4.5% today after an analyst upgrade. With today’s rally the stock made a new record high.

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.


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