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Stocks - Dow Notches First 4-Day Win Streak Since February

Stock MarketsApr 27, 2020 04:03PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow made a strong start to the week on Monday as the reopening of certain parts of the global economy lifted investor sentiment and triggered a rally in financials as U.S. bond yields surged.

The Dow Jones Industrial Average rose 1.51%, or 359 points, the S&P 500 gained 1.47%, while the Nasdaq Composite added 1.11%.

Some states lifted lockdown restrictions over the weekend, with several others expected to follow suit over the coming days and weeks amid signs the Covid-19 outbreak, which has killed more than 50,000 nationwide, is flattening.

The move prompted investors to ditch safe havens in hope that the reopening will boost activity, triggering a jump in U.S. bond yields, which underpinned a rally in financials, mostly banking stocks.

JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC) and Citigroup (NYSE:C) ended up more than 4%.

Energy also caught a bid, shrugging off a more-than-20% plunge in oil prices on rising fears over storage capacity at a time when the coronavirus pandemic continues to hurt demand.

But technology stocks lagged the broader move higher, even as several FAANG names are set to report earnings this week, with Google-parent Alphabet (NASDAQ:GOOGL) reporting tomorrow,  Facebook (NASDAQ:FB) reporting on Wednesday, Amazon.com (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) on Thursday.

Apple ended the day roughly flat after the tech giant said it was delaying a ramp-up of production by about a month amid the Covid-19 hit to consumer demand and supply chain operations.

Twitter (NYSE:TWTR), meanwhile, closed nearly 5% higher ahead of its quarterly numbers due Thursday after Mizuho upgraded the social media company to neutral from underperform on expectations that most of the coronavirus impact was priced in. 

General Motors (NYSE:GM) was up 2.5% even as the automaker suspended its dividend and share repurchase program in a bid to conserve cash.

Tesla (NASDAQ:TSLA), meanwhile, rallied nearly 10% with investors seemingly confident the company is set to deliver a strong quarterly report on Wednesday.

The rally on Wall Street comes as the $310 billion refill of the small business lending program, or Paycheck Protection Program, went into effect today to help small businesses struggling from the economic fallout from Covid-19.

Stocks - Dow Notches First 4-Day Win Streak Since February
 

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Comments (9)
Midway Eholdings
Midway Eholdings Apr 27, 2020 9:10PM ET
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If youre losing money trading now youve probably always lost. Call daddy for a money refill again!
Robert Flores
Robert Flores Apr 27, 2020 7:34PM ET
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If we are still on mean reversion market tomorrow will be a down day, that is good for bulls as it allows for consolidation. But if wr are in an auto correlation market we go hyperbolically higher before the crash as gamma will flip again
Thom Miller
Thom Miller Apr 27, 2020 6:33PM ET
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Dr Donny has upset the Republicans because he personally destroyed the great US economy which he inherited from President Obama. And Dr Donny has upset everyone else because he’s totally mismanaged the virus. So......Dr Donny’s traveling medicine show will be folding up its tent on November 4, 2020. So long, Doc!
Ichimoku McCloud
Ichimoku McCloud Apr 27, 2020 6:33PM ET
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but my bleach injections are working! maga!
Pietro Rosato
Pietro Rosato Apr 27, 2020 5:25PM ET
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Amazing when the federal reserve back stops any losses. They dont even care how it looks anymore. it's in your face manipulation, be happy with national socialism.
katya litski
katya litski Apr 27, 2020 5:25PM ET
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i'm very happy with 40% return in 1 month. yay fed
charlie glass
charlie glass Apr 27, 2020 5:16PM ET
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trading is so much easier when you dont have to worry about things like profits and unemployment rates and oil prices, just print the funny money
Noel Rivera
Noel Rivera Apr 27, 2020 5:11PM ET
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Glad to see the upbeat start to this new week!
Ali Bransford
Ali Bransford Apr 27, 2020 5:02PM ET
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youre article is Wrong. Amazon reports THURSDAY after market closes. 4/30 AH.
Canis Lupus
Canis_lupus Apr 27, 2020 4:51PM ET
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Most likely be a 9 day streak on Friday.
Suresh Mahadevan
Suresh Mahadevan Apr 27, 2020 4:51PM ET
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Naked sreak!
Canis Lupus
Canis_lupus Apr 27, 2020 4:51PM ET
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Danny Brasko
ThisIsAmerica Apr 27, 2020 4:41PM ET
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Socialism is alive and well on Wall Street. Enjoy it while it lasts!
 
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