May 4, 2020

May 4, 2020

Stocks opened lower but gained momentum throughout the day with every major index managing to finish in positive territory. In economic news, U.S. consumer spending plunged 7.5% in March, reflecting the impact of the Coronavirus.

 

Dow Jones +26 at 23,750

S&P 500 +12 at 2,843

NASDAQ +106 at 8,711

 

The 10 Year Treasury closed down 1 basis point yielding 0.64%

Oil prices closed up $1.16 ending at $20.94 a barrel

Gold prices closed up $12 ending at $1,713 an ounce

 

In the days’ stock news:

  • Airline stocks like Southwest, American, United, and Delta all dropped more than 5% after Berkshire announced it sold its entire stake in all four of the airlines, saying it could be years before airline passenger levels return to where they were prior to the pandemic.
  • Gilead Sciences shares increased receiving emergency FDA approval for the use of its drug, remdesivir, to treat Covid-19 patients. The drug has showed shortened recover time.
  • Intel is in advanced talks to buy Isreali app developer Moovit for $1 billion. Moovit is the company behind a free public transit app that operates in 100 counties.
  • Uber will have to face a lawsuit alleging that the ride-hailing service engaged in anticompetitive practices that drove Sidecar Technologies out of business.

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