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US Indices run higher into the close. Major indices close near session highs

Major indice rise by 1.6% to 2.2%

The US stocks ran higher into the close with the major indices rising about 0.9% more in the last hour of trading.
The final numbers are showing:
  • The S&P index rose 56.09 points or 2.28% at 2526.90
  • The NASDAQ index rose 126.73 points or 1.72% at 2487.31
  • The Dow Industrial Average rose 1 and 69.93 points or 2.24% at 21413.44
Going into the last hour of trading, the major indices were trading at:
  • S&P index up 32.81 points or 1.33% at 2503.31. The final hour added 0.95%
  • Nasdaq index up 54.859 points or 0.75% 7415.44.  The final hour added 0.97%
  • Dow up 275.64 points or 1.32% at 21219.15. The final hour added 0.92%
Some winners today included:
  • Chevron, +11.06%
  • Exxon Mobile, +7.62%
  • Morgan Stanley, +7.18%
  • Gilead, +6.09%
  • Broadcom, +5.77%
  • Nvidia, +5.16%
  • Intel, +4.80%
  • Caterpillar, +4.8%
  • IBM, +4.77%
  • Procter & Gamble, +4.62%
  • Lockheed Martin, +4.46%
  • Mastercard, +4.46%
Some losers today included:
  • Beyond Meat, -9.58%
  • United Airlines, -8.72%
  • Walgreens Boots, -6.14%
  • Slack, -5.94%
  • United Technologies, -5.92%
  • Boeing, -5.82%
  • Tesla, -5.63%
  • Delta Airlines, -4.78%

Dow leads the decline in stocks. Dow posts worst Q1 ever.

Dow & S&P worst month since 2008. S&P falls -20% for the quarter. All indices are in the red going back a year.

The US stocks are ending the day with declines across the board but by differing degrees.
For the month, the Dow and S&P had the worst month since 2008. The Dow posted the worst Q1 ever.  The S&P fell an even -20.00% for the quarter (which is a bit ironic).
The final numbers are showing:
  • S&P index fell -42.06 points ro -1.6% at 2584.59
  • Nasdaq index fell -74.05 points or -0.95% at 7700.10
  • Dow index fell -410.32 points or -1.84% at 21917.16
For the month, the major indices are showing:
  • S&P index fell -12.51%
  • NASDAQ index fell -10.12%
  • Dow fell -13.74%
For the quarter, the final numbers for the 1Q are showing:
  • S&P index fell -20.00%
  • NASDAQ index fell -14.18%
  • Dow fell -23.2%
Going back 1 year, all the major indices are now showing declines
  • S&P index, -8.81%
  • NASDAQ index, -0.38%
  • Dow industrial average, -15.47%

US stocks close near session highs. Solid day higher.

Broad indices move up over 3% on the day

The US stocks moved up to a new session high but backed off just a bit into the close.  It was still a solid day higher.
The major indices are closing at:
  • S&P index rose 5.02 points or 3.35% to 2626.49.
  • Nasdaq index rose 271.77 points or 3.62% tp 7774.15.
  • Dow industrial average rose 688.32 points or 3.18% to 22325.10.
Although the price extended to new session highs in the major indices during the last hour, the volatility was a bit less than recent history. The snapshot at 3 PM showed:
  • S&P index up 70.44 points or 2.77% at 2611.91. The index moved up to a high of 2631.80 in the last hour.
  • NASDAQ index +225.28 points or 3.0% at 7727.66. The index moved up to a high of 7784.34 in the last hour
  • Dow up 526.39 points or 2.43% at 22163.12. The index moved up to a high of 22378.09 in the last hour.
Some winners today included:
  • Johnson & Johnson, +7.9%
  • Merck, +7.45%
  • Microsoft, +7.15%
  • Intel, +5.98%
  • Caterpillar, +5.88%
  • Facebook, +5.77%
  • Pfizer, +5.76%
  • Chubb, +5.32%
  • Nvidia, +5.15%
  • Coca-Cola, +5.04%
  • Walmart, +5.04%
  • Phillip Morris, +4.74%
  • IBM, +4.54%
  • General Mills, +4.42%
  • Gilead +4.30%
  • Adobe +4.22%

Some losers today included:

  • United Airlines, -8.08%
  • Boeing, -5.93%
  • Southwest Airlines -3.52%
  • Delta, -2.98%
  • Tesla, -2.43%
  • Papa John’s, -2.32%
  • Wells Fargo, -1.19%
  • Slack, -1.09%
  • Raytheon, -0.73%
  • DuPont, -0.62%
  • Lockheed Martin, -0.57%

Major indices close lower after late day rally fizzles out

Another big move in the last hour of trading

The major indices are closing lower on the day after the late day rally fizzled out.
Starting the last hour of trading, the major indices were trading at:
  • S&P index 2584.95, down -45.12 points or -1.72%
  • NASDAQ index 7648.96, down -148.57 points or -1.91%
  • Dow 22046.95, down -505.18 points or -2.24%

The closing levels are lower at:

  • S&P index fell -88.62 points or -3.37% to 2541.45
  • NASDAQ index fell -295.15 points or -3.79% to 7502.37
  • Dow fell -915.39 points or -4.06% to 21636.78
Over the last hour of trading, the major indices each traded to new day highs, but quickly sold off and are closing near the session lows (with the NASDAQ just off the day’s lows). In the last hour of trading, the:
  • S&P index went from a high of 2615.91 to a low of 2534.99 or a range of 80.92 points
  • Nasdaq index went from a high of 7716.24 to a low of 7497.02 or a range of 219.2 points
  • Dow went from a high of 22327 to a low of 21602 or a range of 725 points

Another big move in the last hour of tradingAlthough lower for the day for all major indices closed with gains.

Leading the way was the Japan’s Nikkei with a gain of +17.14%. In the US, the biggest gainer was the Dow up by 12.84%. It was helped by a move back higher in Boeing.   Boeing shares went from $97 on Monday to around $180 at the highs. It is closing today around $162.  The gain for the week was at 70.48%

The S&P index rose by 10.26%.  The NASDAQ gained 9.05%.

Other big gainers for the week were:
  • Delta Air Lines +38.36%
  • United Airlines +33.8%
  • Slack +28.3%
  • Home Depot up 25.05%
  • intuitive surgical, +24.41%
  • Nike up 23.51%
  • Nvidia, +22.75%
  • Micron, +20.41%
  • Tesla, +20.36%
  • Broadcom, +20.2%
  • American Express up 19.56%
  • United Technologies up 17.69%
  • United health up 17.04%
  In Europe the biggest gainer was the German DAX which rose 7.88%.

US Treasury Secretary Mnuchin pours cold water on the idea of closing markets

There was a spate of calls for markets to close when stock were being hammered in previous weeks.

But those calls dissipated as markets continued to function despite the challenges.
Mnuchin now:
  • we’ll do all we can to ensure markets stay open
  • its not our preference to limit market trading hours
  • our preference is to maintain normal market operations

Major indices end the day with solid gains and at the highs

The Dow and S&P rises for the 3rd day in around.

Yesterday both the S&P index and the Dow closed higher for the 2nd day in a row. The NASDAQ did not join them as it fell in trading yesterday. However all 3 indices are closing higher in trading today with solid gains. The indices closed near/at the session highs.

The final numbers are showing:
  • S&P index rose 151.74 points or 6.13% at 2627.30
  • NASDAQ index rose 413.24 points or 5.6% at 7797.53
  • Dow industrial average rose 1351.62 points or 6.38% at 22552.17.
The final hour of trading – which has been very volatile of late – once again saw the major indices rock ‘n’ roll ‘n:
  • S&P index, was at 2594.44 at 3 PM ET. The high in the last hour reached 2637.01. The low reached 2574.92. That is a range of 63 points.
  • NASDAQ index was trading at 7686.41 at 3 PM. The high in the last hour reached 7809.82. The low extended to 7639.95. That is a range of 170 points.
  • Dow industrial average was trading at 22227.47 at 3 PM. The high in the last hour reached 22595. The low reached 21964.24. That is a range of 631 points in the last hour.

The indices are also closing well off there lows for the day (the major indices did not go negative today).  Looking at the % low, % high and % Close, the % lows for the indices reached:

  • S&P index, +1.02%
  • NASDAQ index, +1.06%
  • Dow industrial average, +1.07%
Of the lows from Monday:
  • The Nasdaq is up 17.77%
  • The S&P index is up 20.31%
  • The Dow is up 24.06%
Of course those gains are impressive, but understand the gains are off much lower levels. The major indices are still well off the highs for the year.

US Major indices end the session with mixed results

Going into last hour the major indices were trading at:
  • S&P index at 2552.47
  • Nasdaq index at 7592.58
  • Dow index at 21903.93

The major indices are closing at:

  • S&P index 2475.56, up 28.23 points or 1.15% – down 72 points in the last hour
  • NASDAQ index 7384.29, down -33.56 points or -0.45% – down 208 points in the last hour
  • Dow index 21200.55, up 495.64 or 2.39% – down 703 points in the last hour

$2 trillion doesn’t buy what it used to

Equity futures lower despite huge US stimulus

Equity futures lower despite huge US stimulus
US Senators have reached a bi-partisan deal on a $2 trillion bill that includes payments to just about everyone. Canadian parliament also agreed on an $82B package.
Even with that US equity futures are 1.8% lower. That can change in a hurry but every bit of ‘good’ news from the Fed or Treasury is met with a wave of bad news about the virus.
The numbers from Spain were jarring today with 7937 new cases from 5,552 yesterday and 443 new deaths. With 3,434 dead, they’ve now surpassed the official count from China.
Numbers are also rising in Tokyo and the threat of a lockdown there is growing.
Over news hits home like Prince Charles testing positive and NBA player Karl-Anthony Towns revealing his mother is in a coma.
I think this is an important moment for risk assets in general. I believe the Fed’s extraordinary actions have averted an acute financial crisis but the scale of the economic damage is coming into focus and even $2 trillion isn’t enough to fix it.
All told, I think the rally in equities and unwind in the dollar can continue for another day or two. If I’m wrong and it falls apart today, then it can get ugly fast.

US stocks jump in a monster bounce — Dow gains most since 1933

The Fed and Congress inspire an equity rally

Closing changes:
  • S&P 500 +9.4% — biggest since 2008
  • DJIA +11.3%
  • Nasdaq +8.0%
It was a great day to buy stocks as the market bets that Congress will come through with some kind of stimulus. There was also some major bargain hunting and short-covering. The four best performers on the S&P 500 were: L Brands, American Airlines, MGM Resorts, Norwegian Cruise Lines. Energy was the top-performing sector.
Every bottom starts with a bounce but not every bounce is a bottom. That said, bottoms are built on skepticism so my skepticism is only adding fuel to the fire.
The rally today is slightly bigger than the one that led Trump to email out this:
The Fed and Congress inspire an equity rally