July 16, 2020

July 16, 2020

Stocks dropped today, ending its 5-day rally, with every major index finishing about a half of percent lower. In economic news, U.S. retail sales jumped 7.5% in June, more than the expected 5%.

 

Dow Jones -135 at 26,735

S&P 500 -11 at 3,216

NASDAQ -77 at 10,474

 

The 10 Year Treasury closed down 2 basis points yielding 0.61%

Oil prices closed down $0.48 ending at $40.73 a barrel

Gold prices closed down $19 ending at $1,795 an ounce

 

The days’ stock news:

  • Shares of Morgan Stanley increased over 2% after the investment firm earned more than expected in the 2nd quarter, with revenue also beating expectations. This was helped by strong trading results.
  • Tesla, which has seen a 300% rise in its stock since its March lows, dropped 3% after the automaker reported vehicle registrations in California fell nearly 48% during the 2nd quarter, compared to a year earlier.
  • American Airlines notified 25,000 workers of potential furloughs. This comes amid the drop in air travel demand due to the pandemic, and the government payroll assistance set to expire in October.

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