Stocks moved higher today with the DOW and S&P posting their first back-to-back positive days in 7 weeks. In economic news, weekly mortgage applications dropped 29% as the coronavirus sidelined homebuyers.
Here’s a look at how the major indices finished the day:
Dow Jones +496 at 21,201
S&P 500 +28 at 2,476
NASDAQ -34 at 7,384
The 10 Year Treasury closed up 4 basis points yielding 0.86%
Oil prices closed up $0.57 ending at $24.58 a barrel
Gold prices closed down $20 ending at $1,644 an ounce
In the days’ stock news:
- Nike shares moved 9% higher after reporting better-than-expected earnings and revenue. The footwear and apparel maker also said business has rebounded in China following the coronavirus outbreak.
- Boeing said it plans to restart 737 MAX production by May. However, there are still several regulatory hurdles the company must overcome before the aircraft is ungrounded by the FAA.
- Facebook shares are down 4% after announcing its ad sales business has been weakened amid the virus outbreak. However, usage of their platform has soared during this time.
- Hershey received a double upgrade at Piper Sandler to “overweight” from “underweight.” Piper notes strong consumer demand and retail traffic.