June 2, 2020

June 2, 2020

Stocks opened higher this morning and after a volatile day every major index managed to finish in positive territory. In economic news, the U.S. manufacturing activity has pulled off an 11 year low in May.

 

Dow Jones +268 at 25,743

S&P 500 +25 at 3,081

NASDAQ +56 at 9,608

 

The 10 Year Treasury closed up 2 basis points yielding 0.68%

Oil prices closed up $1.41 ending at $36.85 a barrel

Gold prices closed down $17 ending at $1,734 an ounce

 

The days’ stock news:

  • Shares of Southwest increased about 3% after its CEO said in an effort to ensure the airline’s survival it is offering workers buyout packages and temporary paid leaves.
  • Visa said U.S. payment volumes fell by 5% in May, which was slower than the 18% decline in April and a possible indication that consumer spending is recovering as the lockdowns are eased.
  • Apple is cutting iPhone prices in China, as it seeks to extend its momentum since the start of the reopening of the Chinese economy.

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