March 24, 2020

Stocks moved higher today, having the largest single day gain by the DOW since 1933. This gain was in response to congress closing in on a multi trillion-dollar coronavirus stimulus package.

 

Here’s a look at how the major indices finished the day:

Dow Jones +2,113 at 20,705

S&P 500 +210 at 2,447

NASDAQ +557 at 7,418

 

The 10 Year Treasury closed up 5 basis points yielding 0.82%

Oil prices closed up $0.58 ending at $23.94 a barrel

Gold prices closed up $90 ending at $1,662 an ounce

 

In the days’ stock news:

  • Chevron shares moved 23% higher after announcing it will cut its capital spending plans for 2020 by 20%. The company will also suspend its share buyback program but will not cut its dividend.
  • Twitter withdrew its guidance as its ad sales decline due to the virus outbreak. However, the social media company did note that the virus outbreak has resulted in a jump in active users.
  • Mondelez announced it will increase hourly wages by $2 and pay a $125 weekly bonus for its sales representatives. Mondelez shares are increased 11% today.
  • Gilead Sciences won the U.S. Food and Drug Administration’s “orphan drug” designation for its experimental drug remdesivir, considered a promising possible treatment for the Coronavirus.