March 26, 2020

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.