May 5, 2020

May 5, 2020

After Friday’s nearly 3% decline large cap tech helped the market rally into positive territory yesterday and it was large cap tech that led the market higher at the open today as State economies start to slowly reopen and oil prices moved higher for a 5th consecutive day.

The Dow opened +250

At the close:

  • Dow +133 to 23883
  • S&P 500 +25 to 2868
  • NASDAQ +98 to 8809
  • Oil +4.20 to 24.50
  • Gold +4 to 1717

In corporate news shares of Pfizer were 2% higher on news they have begun the first U S trial of their corona vaccine that could potentially be ready by the end of this year. Starbucks was up after announcing 85% of their U S stores will be open by the end of this week. Furniture and home good retailer Wayfair jumped 24% after reporting active users during the stay at home economy were 29% above year ago levels. Hertz is joining others and filing for bankruptcy.

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