may 28, 2020

May 28, 2020

The markets opened higher for a third straight day but dropped into negative territory by the end of the day due to rising tensions between the U.S. and China. In economic news, over 2 million people filed for unemployment last week bringing the total to over 40 million since March.

 

Dow Jones -148 at 25,401

S&P 500 -6 at 3,030

NASDAQ -43 at 9,369

 

The 10 Year Treasury closed up 3 basis points yielding 0.71%

Oil prices closed up $0.52 ending at $33.33 a barrel

Gold prices closed up $4 ending at $1,730 an ounce

 

The days’ stock news:

  • Shares of Dollar Tree moved 12% higher after the discount retailer beat earnings, revenue, and same-store sales forecasts. Dollar Tree plans to open 325 new stores during fiscal 2020.
  • American Airlines shares dropped 8% after the company said it is planning to cut management and support staff by 30%. The airline will first offer voluntary options, then move to involuntary reductions.
  • Boeing has restarted production of its grounded 737 Max jet. This came shortly after the company announced it will cut more than 12,000 U.S. jobs.

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