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Stocks - Dow Cuts Losses as Traders Eye Trump Update on Reopening Economy

Stock MarketsApr 16, 2020 04:14PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow cut its losses and ended higher Thursday, shrugging off a surge in jobless claims as investors awaited an update from President Donald Trump on the prospect of reopening the economy, even as several states extended lockdown measures.

The Dow rose 0.14%, or 33 points, theS&P 500 was up 0.58% and the Nasdaq Composite rose 1.66%.

Trump is set to detail guidelines for opening up America again in a news conference at 6 PM ET (2200 GMT). The press conference comes as the president has recently claimed "ultimate authority" on making the call to restart the economy, much to the bemusement of several governors, including New York Governor Andrew Cuomo.

Cuomo, as well as several other governors of Northeastern states, agreed to extended current lockdown measures into mid-May.

The lockdown measures across the country to stem the Covid-19 pandemic have wreaked havoc on the economy, particularly in the labor market, as shuttered businesses have led to a surge in unemployment claims.

Jobless claims surged by 5.2 million last week, the Labor Department reported Thursday, taking the four-week total to 22 million, wiping out nearly all of the 22.442 million jobs created since November 2009.

In manufacturing, the Philadephia Fed's manufacturing index fell to a reading of -56.6, the lowest reading since reading since July 1980.

The gloomy economic background was reflected in the earnings seen so far this week from Wall Street banks.  

Morgan Stanley (NYSE:MS) ended down 0.1% after reporting a 30% drop in profit, adding to a string of poor quarterly results from Wall Street banks, including JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C), showing steep declines in profit.

BlackRock (NYSE:BLK), meanwhile, rose 3.5%, even as the asset manager reported that funds under management fell below $7 trillion after profit slumped 23%.

Just days after agreeing a  $50 billion bailout package with the Treasury, airline stocks slumped sharply amid concerns the sector is set for a long road to recovery.

"I don’t think air travel will snap right back to where it was here this year, maybe it will come back next year," said Southwest CEO Gary Kelly. "If this is a real recession and a bad recession, it could take four or five years."

United Airlines (NASDAQ:UAL) fell 11%, American Airlines (NASDAQ:AAL) dropped 10% and Southwest Airlines (NYSE:LUV) slipped 6.5%.

Tech, however, was up sharply thanks to a surge in chip stocks underpinned by encouraging quarterly results from chip bellwether Taiwan Semiconductor Manufacturing (NYSE:TSM).

For the quarter, Taiwan Semi reported earnings and revenue that topped analysts' consensus estimates.

Netflix (NASDAQ:NFLX) was also in the spotlight as the streaming device maker is expected to report a jump in new users amid a favorable backdrop as more people turn to streaming giant to pass the time during the government-imposed lockdown measures. Shares rose nearly 3%.

Stocks - Dow Cuts Losses as Traders Eye Trump Update on Reopening Economy
 

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Comments (27)
Idar Polden
Idar Polden Apr 17, 2020 7:17PM ET
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await and see. don't blame me if it backfires
Patron Silver
Patron Silver Apr 16, 2020 9:20PM ET
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china signed the tariff deal fully knowing they have an out due to pandemic. if this is proven can we start bombing?
Bill Chan
Bill Chan Apr 16, 2020 9:20PM ET
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Ya let's bomb… see which loss more
Bill Chan
Bill Chan Apr 16, 2020 9:20PM ET
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Naif guy
Thom Miller
Thom Miller Apr 16, 2020 9:13PM ET
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Let’s see here. Based on what was said this evening, the first 4-5 states to “open up” account for a whomping 4% of the US GDP. All the money is in the states that will open up last. And Trump knows this, but he’s banking his whole re-election campaign on the fact that his base never made it much past two years of high school and don’t have the first clue about economics. Just ask Steven Gitt.....
Mike Tan
Mike Tan Apr 16, 2020 8:58PM ET
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Still got 600,000 patients inside hospital ? Want to reopen business now ? Are u daydreaming ?
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Bill Chan
Bill Chan Apr 16, 2020 8:58PM ET
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They are 3rd world country. Let them continue
Mike Tan
Mike Tan Apr 16, 2020 8:58PM ET
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Nk bag holder the total patients are 667,000 and only 54,000 discharge so far, so the amount left is around 600,000 people. There are total 32,000 people died already. You may check from info from internet. Better change to democrat party to rules the US rather than Donald Trump. Shameless
Erski Gumby
SB20 Apr 16, 2020 8:58PM ET
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Mike Tan, Where dis you get the info that there are currently 600,000 patients in hospitals today?
Erski Gumby
SB20 Apr 16, 2020 8:58PM ET
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Mike Tan
Mike Tan Apr 16, 2020 8:58PM ET
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Erski Gumby https://www.worldometers.info/coronavirus/country/us/
Peter Dikeakos
Peter Dikeakos Apr 16, 2020 8:46PM ET
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Trump has brought to surface how corrupt Congress is.
Thom Miller
Thom Miller Apr 16, 2020 8:46PM ET
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He tried this, but failed miserably. And you know why? Because Moscow Mitch blocked Obama’s Supreme Court nominee. Just one of many reasons why Donny Boy will not win re-election. Oh, and did I mention people who win presidental elections don’t read from prepared notes like a 7-year-old. Unless, of course, you’re trying to reach people of like mind. LOL!
Erski Gumby
SB20 Apr 16, 2020 8:46PM ET
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Thom Miller You must be the smart one.
Kenny Venezia
Kenny Venezia Apr 16, 2020 8:35PM ET
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a corona virus is NOT an influenza virus
Dumb Dems
Dumb Dems Apr 16, 2020 8:35PM ET
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yea it's less bad.
Bill Chan
Bill Chan Apr 16, 2020 8:35PM ET
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Actually they're mix coronavirus with influenza
Erski Gumby
SB20 Apr 16, 2020 8:35PM ET
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Influenza is a coronavirus, Kenny.
Nick Smith
Nick Smith Apr 16, 2020 8:25PM ET
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This is all fun and games until some of the big corps start to fall. That is when the market wont be able to be propped anymore by Trump's soundbites and this mythical 'cash' on the horizon that wont reach small businesses anyway.
john richards
john richards Apr 16, 2020 8:10PM ET
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Here are some updated numbers for you folks- Fed has spent $2.2trillion so far, it is costing $25billion a day in GDP(according t9o the fed) or we've lost around $750billion in GDP or only about a third of the $2.2trillion spent so far. That $2.2 trillion is also- $100mill per US covid death. $10mill per life saved at the 200,000 model guess of expected deaths. $1mill per life saved at the 2.2mill model guess of expected US covid deaths.
Dumb Dems
Dumb Dems Apr 16, 2020 7:34PM ET
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I've been saying this from the very beginning... the virus is a small flu! all these lockdowns will do more harm than the virus itself! look at the protests in Michigan, brothers and sisters are suffering!
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john richards
john richards Apr 16, 2020 7:34PM ET
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Ed Caffrey 40,000 die every year in car crashes, maybe we should ban driving?
Kilo Byte
Kilo Byte Apr 16, 2020 7:34PM ET
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john richards The moonbats would do it if they could.
dinosaur princess
dinosaur princess Apr 16, 2020 7:34PM ET
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Bill Chan
Bill Chan Apr 16, 2020 7:34PM ET
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not necessary. Some unlucky youth will die too
Bill Chan
Bill Chan Apr 16, 2020 7:34PM ET
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you said 1 year, not 2 mths. Plus this figure will rise fast
Bob English
BobEnglish Apr 16, 2020 7:32PM ET
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step 1. go back to workstep 2. refer to step 1
Dumb Dems
Dumb Dems Apr 16, 2020 7:24PM ET
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let's go back to work! let's go theatres, shopping malls, concerts! everything is coming back to life!
Chris Martin
Chris Martin Apr 16, 2020 7:24PM ET
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Hey, easy does it...
Dumb Dems
Dumb Dems Apr 16, 2020 7:24PM ET
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let's be smart about it, as our president states!
Isaac Benitez
Isaac Benitez Apr 16, 2020 6:52PM ET
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I hope the early reopening, then we can retest the bottom.
john richards
john richards Apr 16, 2020 6:52PM ET
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the second surge is as mythical as those shovel ready jobs from 2010. But keep hope alive.
Chris Martin
Chris Martin Apr 16, 2020 6:52PM ET
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I recall those jobs mentioned! I also recall the guy that mentioned them over and over actually admit they never existed -
john richards
john richards Apr 16, 2020 6:52PM ET
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and the always wrong leftist continues to get their faces ripped off daily. yea folks Dow 14,000 here we come-get just one right in the next 100yrs please.
Robert Cencarik
Robert Cencarik Apr 16, 2020 6:52PM ET
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naive
john richards
john richards Apr 16, 2020 6:52PM ET
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Robert Cencarik don't you ever get sick of being wrong every single time?
Robert Cencarik
Robert Cencarik Apr 16, 2020 6:52PM ET
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Robert Cencarik
Robert Cencarik Apr 16, 2020 6:52PM ET
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john richards I'm sure you weren't short before the crash!!!;)
john richards
john richards Apr 16, 2020 6:52PM ET
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Robert Cencarik haven't been short since they started paying zero percent on the cash short sales generate. I was lucky to have ostly bailed in January but did jump back in too soon on the virus sell off.
Robert DZ the patterns
Robert DZ the patterns Apr 16, 2020 6:43PM ET
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another millions of unemployed and market goes UP, wow. where are we?
Bill Chan
Bill Chan Apr 16, 2020 6:43PM ET
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The data man-made
Chris Martin
Chris Martin Apr 16, 2020 6:17PM ET
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How'd it go? "much to the bemusement" of Son of Mario and other governor's ? I have honestly never used that big word...
Bill Bob
Bill Bob Apr 16, 2020 5:35PM ET
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nothing matters
Bill Bob
Bill Bob Apr 16, 2020 5:34PM ET
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company reports 30% loss and it moved 0,1% ? what a H ell
João Victor Carvalho
João Victor Carvalho Apr 16, 2020 5:34PM ET
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it was already expected, so... wasn't such a surprise
João Victor Carvalho
João Victor Carvalho Apr 16, 2020 5:34PM ET
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it was already expected, so... not a big surprise
Siba Skosana
Siba Skosana Apr 16, 2020 4:54PM ET
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open up
Sean Livingstone
Sean Livingstone Apr 16, 2020 4:53PM ET
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Bad news are good news, so good news is now bad news?
Get Sirius
Get Sirius Apr 16, 2020 4:53PM ET
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Everything is a good news
Midway Eholdings
Midway Eholdings Apr 16, 2020 4:51PM ET
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Open up
Wiwien Wiwien
Wiwien Wiwien Apr 16, 2020 4:50PM ET
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Great , we are going out off jail to have normal life we want .
Get Sirius
Get Sirius Apr 16, 2020 4:48PM ET
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This is a one big big joke
Nicholas Adrian
Nicholas Adrian Apr 16, 2020 4:36PM ET
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These headlines are smoke. The author can make up anything. How would you know the true cause of a rise or decline in a market? The real story is missing.
Lysander Kutsara
Lysander Kutsara Apr 16, 2020 4:36PM ET
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The author does indeed tend to "make up anything" but he's simply following the First Rule of Journalism:  Be Provocative (even if you reveal your ignorance).
Chris Martin
Chris Martin Apr 16, 2020 4:36PM ET
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I'm sure it's to this and other authors "bemusement" - this is great...
Chris Martin
Chris Martin Apr 16, 2020 4:36PM ET
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nice one
Larry West
Larry West Apr 16, 2020 4:34PM ET
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correction 23% loss only 7t left to manage and loose.
Jim Hernandez
Jim Hernandez Apr 16, 2020 4:34PM ET
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All asset managers lost a lot in their portfolios. The guage is the percentage, not the amount. Anyone who didn't cash out at the very beginning woild have experienced the same loss % in the S&P 500. People had the same comments during the financial crisis if you remember, and look how far we've come. Keep your heads up my friends.
Larry West
Larry West Apr 16, 2020 4:32PM ET
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This is such Bull Schmitt it's like John's town keep drinking the cool aid. A 7 trillion $$ loss how are they still operating.
 
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