Stocks moved higher today with the DOW having its largest 3-day rally since 1931. In economic news, the U.S. economy grew at a 2.1% annual rate during the fourth quarter.
Here’s a look at how the major indices finished the day:
Dow Jones +1,352 at 22,552
S&P 500 +155 at 2,630
NASDAQ +413 at 7,798
The 10 Year Treasury closed down 5 basis points yielding 0.81%
Oil prices closed down $1.34 ending at $23.15 a barrel
Gold prices closed up $19 ending at $1,652 an ounce
In the days’ stock news:
- Micron Technology shares moved 5% higher after beating earnings and revenue estimates. The tech company also gave a better-than-expected financial forecast as it benefits from the shift to home-based work due to the Coronavirus outbreak.
- Apple said it is considering delaying the launch of its next iPhone by months. This is due to supply chain disruptions and falling customer demand due to the virus outbreak.
- Cheesecake Factory informed its landlords it will not be able to pay rent on April 1st. This is due to a cut in cashflow resulting from the Coronavirus.
- Beyond Meat was downgraded at Goldman Sachs, which cites the decline of food service traffic. Goldman Sachs also cut its price target for the food company to $39 per share from $129.