June 5, 2020

June 5, 2020

The markets opened higher and never looked back, with all three major indexes finishing the day up over 2%. This was due to the unemployment rate unexpectedly dropping

 

Dow Jones +829 at 27,111

S&P 500 +82 at 3,194

NASDAQ +198 at 9,814

 

The 10 Year Treasury closed up 8 basis points yielding 0.90%

Oil prices closed up $1.95 ending at $39.34 a barrel

Gold prices closed down $39 ending at $1,688 an ounce

 

The days’ stock news:

  • Shares of airline companies like United, American, and Delta all flew higher as demand continues to rebound faster than expected, despite being well below normal levels.
  • Broadcom beat revenue estimates for its latest quarter. The company said it only had a limited impact from Covid-19 and saw a surge in demand from cloud customers. However, it did give a below estimated current-quarter revenue forecasts.
  • Gap shares increased over 1% despite missing earning expectations by a wide margin. The retailer’s revenue was also below forecasts.

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