May 8, 2020

Stocks moved higher today as investors believe the worst of the pandemic has passed. In economic news, a record 20.5 million jobs were lost in April, causing the unemployment rate to jump to 14.7%.

Dow Jones +455 at 24,331

S&P 500 +49 at 2,930

NASDAQ +142 at 9,121

The 10 Year Treasury closed up 5 basis points yielding 0.68%

Oil prices closed up $1.08 ending at $24.63 a barrel

Gold prices closed down $21 ending at $1,705 an ounce

In the days’ stock news:

Uber shares increased 6% after beating revenue forecasts. This was helped by a 52% increase in orders placed through its Uber Eats service.
Ford announced it is targeting May 18^th as the planned restart date for its North American operations. The company said it will resume production with enhanced safety measures for workers. Ford shares moved 8% higher today.
The Chinese government asked Disney to cap attendance at 30% for its Shanghai park reopening on Monday. Disney has already sold out of all those tickets, which helped increase its stock 3%.
Yelp shares increased 2% even after missing earnings estimates. The company did beat revenue estimates and said it has seen signs of stabilization during the second half of April.