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Stocks - Wall Street Stays Higher Midday

Stock MarketsApr 06, 2020 12:20PM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets remained sharply higher in midday trading Monday after data over the weekend suggested that the Coronavirus epidemic in Europe may be peaking, and that the same may be true in at least some of the U.S.'s hotspots soon.

By 12:15 PM ET (1615 GMT),. the Dow Jones Industrial Average was up 1138 points, or 5.4%, its highest in nearly a week. The S&P 500 was up 5.4% and the Nasdaq Composite was up 5.3%

The news followed announcements at the weekend that daily deaths from the Covid-19 virus had fallen in Spain and Italy, the two worst-affected countries in Europe. 

While U.S. data are harder to interpret and point mainly to a higher death toll in the next few days, President Donald Trump reiterated his upbeat belief that a turnaround is in sight, tweeting "LIGHT AT THE END OF THE TUNNEL!" 

Among the biggest gainers was JPMorgan (NYSE:JPM) stock, which rose 6% as CEO Jamie Dimon downplayed the risk of suspending the bank's dividend, even though he admitted that a "bad recession" is coming to the U.S. that may leave the bank sitting on heavy credit losses.

The DJIA was also lifted by a 11.1% increase in index heavyweight Boeing (NYSE:BA), which had extended the shutdown of its key Seattle production facilities indefinitely at the weekend.

Slack Technologies  (NYSE:WORK) reversed earlier losses, up 4%, after the messaging app filed plans to raise $600 million through convertible debt due in 2025. The notes would be the company's first long-term debt. Slack is still to turn a profit.

Oil and gas stocks were mixed as U.S. crude futures lost some of their stellar gains on Friday due to fears that the production cut promised by President Trump may not materialize. Trump's meetings with U.S. oil bosses at the weekend resulted in only threats of tariffs against foreign oil, rather than any sign of a cut in U.S. output that Russia and Saudi Arabia are looking for. 

Occidental Petroleum  (NYSE:OXY) rose 0.8%, while Apache  (NYSE:APA) stock was up 5.8%. Continental Resources  (NYSE:CLR) rose 0.3% and Exxon Mobil  (NYSE:XOM) stock was up 2.4%.

Stocks - Wall Street Stays Higher Midday
 

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Comments (41)
Get Sirius
Get Sirius Apr 07, 2020 6:25AM ET
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Insanity
DO RS
DO RS Apr 07, 2020 12:38AM ET
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Market rally yesterday was non sense. im expecying another 25% decline this week.
jemin An
jemin An Apr 06, 2020 11:58PM ET
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Trump made Vaccine in yesterday? DOW don't know where it stands. Too many over shooting made in Monday, US is sailing into the heaviest foggy water. No vaccine, nation wide spreading virus, another areas infection rate sharply rising. Plus, oil meeting crashing. Also, It will never hit a consensus of 10M cutting. I don't want to depress people, nor pessimism. I am talking the truth. Experts say even China, S.korea, so called well overcame the epidemic, they can not recover in 2Q, 3Q is also not sure, 4Q maybe. That means US economy only expected to recover in next year. Then DOW was cheering for the possibility of recover next year? Some expert say it will be 2022.
Brandon Son
Brandon Son Apr 06, 2020 1:17PM ET
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Fake optimism we have a depression coming
Shrief Sediqi
Shrief Sediqi Apr 06, 2020 1:15PM ET
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It is wrong news
Pro Quincy
Pro Quincy Apr 06, 2020 1:03PM ET
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Thank you Jerome, Sir!.  With your overnight support, market was up by 3-4% before it even started.  You have truly saved American economy with your printing machine. Good Job Sir!
Pwr Strk
Pwr Strk Apr 06, 2020 1:03PM ET
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lol
António Almeida
António Almeida Apr 06, 2020 12:44PM ET
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Yeah "sure"... USA has just started to get affected by the pandemic, and you all think you're near he end? Europe is still under great pressure and it's fighting for at least 3 months. How does USA suddenly fixes all the problems based on just a merely decrease of deaths in one of its states? Don't get fooled by Trump, he just wants to convince everybody that he can be better than all other current presidents... It's fake, don't buy this *****
katya litski
katya litski Apr 06, 2020 12:40PM ET
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i wonder if people here are being hired to post bear/bull comments
Pwr Strk
Pwr Strk Apr 06, 2020 12:40PM ET
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don't wonder... put some money in and you'll figure it out easily
Haresh Chandwani
Haresh Chandwani Apr 06, 2020 12:39PM ET
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What a wonderful shorting opportunity.. Esp when we all know that the Dow is going to fall to its knees as numbers keep coming.. My target for the Dow.. 15k by the end of Apr.. keep tab
嘉偉 吳
嘉偉 吳 Apr 06, 2020 12:29PM ET
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If your test size is not grown , you can let people think everything is fine, then they will go out .
Adam Ryan
Adam Ryan Apr 06, 2020 12:25PM ET
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Bull Trap?
Geoff Heald
Geoff Heald Apr 06, 2020 12:25PM ET
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Yup completely.This carnage cannot just blip up
dc wei wei dc
dc wei wei dc Apr 06, 2020 12:25PM ET
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Geoff Heald completely bull trap!
NYSE NASDAQ
NYSE NASDAQ Apr 06, 2020 12:22PM ET
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I will not wait for 2nd drop I have bought on Friday 20% of my capital.
NYSE NASDAQ
NYSE NASDAQ Apr 06, 2020 12:22PM ET
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if that thing happens I will add 40%
Pwr Strk
Pwr Strk Apr 06, 2020 12:14PM ET
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even Trump is losing credibility with this (if he still had any, as his opposition will say)  TOO BAD
Pwr Strk
Pwr Strk Apr 06, 2020 12:11PM ET
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this is the best evidence algorithms are pushing up specific markets out of the blue to just dump them all down a few days down the line ... NO RETAILER trader is doing any money out of this manipulation, unless out of LUCK, lottery style
Pwr Strk
Pwr Strk Apr 06, 2020 12:02PM ET
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all of this is big CASINO type LIE ... retailers are being inflated by 30% as if they were already open ... at this time it is already pulling back anyway
Pwr Strk
Pwr Strk Apr 06, 2020 12:00PM ET
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this is nothing but a big CASINO type LIE ... it's already coming back down anyway
HJ Index
HJ Index Apr 06, 2020 11:59AM ET
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dow will go above 23000, it may even touch 25000. at the moment everyone starts jumping on the boat, the C leg down will come. at time like this don't be greedy. i bought at 19000, will start selling.
dc wei wei dc
dc wei wei dc Apr 06, 2020 11:59AM ET
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might hit 23000 not close to 25000
Ricardo Matsushita
Ricardo Matsushita Apr 06, 2020 11:51AM ET
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it is all in the script, this is a pullback before the second wave down ;)It will eat up the account of the new investors.
Noelle Milton Vega
NYCeyes Apr 06, 2020 11:45AM ET
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I've said it many times, ZeroHege too - this ponzy scheme, this casino has nothing to do with anything in the real world. At best any correlation between market values (and movement) and real-world structures (such as supply chain), debt, current events and so on, is pure fantasy. You've been warned.
Jorge Valencia
Jorge Valencia Apr 06, 2020 11:44AM ET
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I live in spain. Deaths are not being count in Spain rigth now. More details and links in other comment here but pending for moderation.
Pat Am
AROB Apr 06, 2020 11:41AM ET
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Coordinated effort of global central banks and political leaders to inject vast amounts of cash into global markets and greatly under report virus spread numbers for ONE DAY! We are all still on lockdown.  We will still see depression level economic data released on a daily basis for the next few months.  And all the bulls can do is point to the idea that “central banks have our backs” as an investment strategy.  This market has lost touch with reality.  People are no longer trading on fundamentals and corporate profits but on the hopes that communist/socialist central bank policies will keep the equity bubble inflated.  But for how much longer?
Matti Oskarinen
Matti Oskarinen Apr 06, 2020 11:41AM ET
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People have lost touch to reality. Hopefully the small investors will think carefully now.
Budi Mulya
Budi Mulya Apr 06, 2020 11:37AM ET
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write your thouhts
Ann Onymous
Ann Onymous Apr 06, 2020 10:46AM ET
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Bullish investors are reading too much into this news. There remains the problem of how you ease restrictions without it leading to another spike in cases and a second wave of infections. This problem is far from over, but I suspect we're back to 1000 point swings (in both directions) this week until this reality sets in. Bottom line: This is still a bear market and we have yet to reach the bottom. Longer term economic impacts have also not yet been fully considered.
Haresh Chandwani
Haresh Chandwani Apr 06, 2020 10:46AM ET
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There will now be 2000 point swings!Dow all set to go below 10k by end of May!
Junk Man
Junk_Man Apr 06, 2020 10:34AM ET
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Does a Peak in NY mean a Peak for the USA?  Or do we have other peaks we need to worry about?
Haresh Chandwani
Haresh Chandwani Apr 06, 2020 10:34AM ET
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Yeah.. tomorrows deep dive will answer that!
Mike Traveler
Mike Traveler Apr 06, 2020 10:27AM ET
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Not sure where this positive news is coming from. But as I live in Europe, I can state that the impact on the economy will get even worse during the next few weeks, as measures are being prolonged. Even with all the help of banks and governments, a huge amount of business will go bankrupt leading to an never seen unemployment rate.
Ankit Chugh
Ankit Chugh Apr 06, 2020 10:27AM ET
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You hit the Bull's eye my friend
Maks Mars
Maks Mars Apr 06, 2020 10:27AM ET
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Freakin bullish run just started big ones aware virus will cease very quickly lol
Ankit Chugh
Ankit Chugh Apr 06, 2020 10:27AM ET
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Maks Mars  This is not realistic. This is a big bull trap. Smaller retail investors will get trapped ain this and lose big time
Ankit Chugh
Ankit Chugh Apr 06, 2020 10:27AM ET
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Maks Mars  This is unrealistic my friend. Hold on or the financial data releases in the coming weeks. This is just a big bull trap
katya litski
katya litski Apr 06, 2020 10:27AM ET
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who needs a job when you have dow jones
 
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