May 20, 2020

May 20, 2020

Stocks moved higher today as hopes surrounding some states’ reopening’s extended during the session. In economic news, mortgage applications to purchase a home rose 6% last week.

 

Dow Jones +369 at 24,756

S&P 500 +49 at 2,972

NASDAQ +191 at 9,376

 

The 10 Year Treasury closed down 3 basis points yielding 0.68%

Oil prices closed up $1.56 ending at $33.52 a barrel

Gold prices closed up $6 ending at $1,751 an ounce

 

In the days’ stock news:

  • Facebook jumped 6%, hitting a new all-time high, as Wall Street gets bullish on the social media’s new e-commerce feature Facebook Shops.
  • United Airlines jumped 5% as investors bet on the economy reopening. New CEO, Scott Kirby, said that the company is working with unions to avoid staff cuts due to the pandemic.
  • MGM Resorts stock spiked by more than 9% as casinos and hotels around the country continue their reopening. MGM was part of a group of casinos and others that announced last night that they would provide testing for employees in Las Vegas. MGM also announced on Tuesday that it was reopening its casinos in Mississippi over the next two weeks.

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