May 8, 2020

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 18th 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.

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