Archives of “March 14, 2020” day

rss

New highs for crude as Pres. Trump announces the US will fill up strategic reserves

  
Analysis, Crude

High extends to $33.87

The price of crude oil has moved up from about $31.90 to a new session high of $33.87 after Pres. Trump announces that the US will fill up the strategic oil reserves given the low oil prices. That is the good news. The not so good/bullish news is that the earlier high for the day was at $33.86 just $0.01 below the new high level.
Crude oil rises
The contract currently trades at $33.33.
A move above the $33.87 level will be needed to give buyers more confidence for further gains

US stocks close at the highs and nearly erase the declines from yesterday

  
Analysis, US Market

S&P index is the biggest gain since October 2008

The US stocks were encouraged by the actions proposed by Pres. Trump. That, and short covering, into the weekend led to a huge run higher.  The gains nearly erased the declines from yesterday.
The final numbers are showing:
  • S&P is up 230.38 points or 9.29% at 2711.02. Yesterday the index fell -9.51%
  • Nasdaq is up 673.07 or 9.35% at 7874.87. Yesterday the index fell -9.43%
  • Dow is up 1985.00 points or 9.36% at 23185.67. Yesterday, the index fell -9.99%
The changes of the major stock indices
For the week, the major indices recovered a lot of the gains, but still ended with sharp declines
  • S&P index fell -8.79%
  • NASDAQ index fell -8.17%
  • Dow fell -10.36%
  • YTD for the major indices are showing:
    • S&P index -16.09%
    • NASDAQ index -12.23%
    • Dow industrial average – -18.76%
Go to top