The Dow Gained 286 Points Because the Fed Stepped Up Again

Evie Liu After the Bell Markets PFE Pfizer Nancy Pelosi Dr. Anthony Fauci Gov. 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Stocks gave up some ground but still ended with gains. The central bank announced more support, and Pfizer said it may have a candidate to treat Covid-19.

The Dow Gained 286 Points Because the Fed Stepped Up Again

Stocks gave up some ground but still ended with gains. The central bank announced more support, and Pfizer said it may have a candidate to treat Covid-19.

https://www.wsj.com/articles/new-york-coronavirus-deaths-rise-amid-signs-of-recovery-11586460714 https://www.wsj.com/articles/pfizer-identifies-lead-coronavirus-drug-candidate-11586427303?mod=article_inline&adobe_mc=MCMID=77536039581780771073236942309474614235|MCORGID=CB68E4BA55144CAA0A4C98A5%40AdobeOrg|TS=1586463255 https://www.barrons.com/articles/the-fed-is-pouring-2-3-trillion-into-coronavirus-fight-51586443477?mod=hp_LEAD_2 https://www.wsj.com/articles/congressional-democrats-gop-wrangle-over-coronavirus-aid-to-small-businesses-11586432954 https://www.barrons.com/articles/6-6-million-americans-file-for-unemployment-benefits-51586437253?mod=HP_DAY_RELATED_2&tesla=y https://asset.barrons.com/dj-mg/dice/barrons-staffpicks-2d590600-c862-4394-b9d3-66b48c376d60/inset.json https://www.marketwatch.com/story/consumer-sentiment-sinks-to-9-year-low-and-likely-to-go-even-lower-as-coronavirus-crisis-slams-economy-2020-04-09 https://www.wsj.com/articles/russia-and-saudis-have-agreed-in-principle-to-cut-output-11586445159 https://www.barrons.com/articles/oil-prices-turn-sharply-lower-as-opec-meeting-disappoints-51586461742 mailto:evie.liu@barrons.com The Dow Gained 286 Points Because the Fed Stepped Up Again By Evie Liu The Dow gave up some ground but still ended with gains.

Stocks lost some ground that was gained early Thursday, but still finished with gains. The Dow Jones Industrial Average added 285.80 points, or 1.22%, to close at 23,719.37. The S&P 500 gained 39.84 points, or 1.45%, to end at 2789.82, and the Nasdaq Composite is up 62.67 points, or 0.77%, to close at 8153.58.

Upbeat news from various corners may have driven up the markets. Even as New York saw a record number of coronavirus deaths for the third straight day, daily new hospitalizations have dropped to the lowest level in 20 days, said Gov. Andrew Cuomo on Thursday, indicating that the peak of the pandemic might be arriving soon in the state. White House health advisor Dr. Anthony Fauci said on Thursday that U.S. deaths from the coronavirus could be half than originally projected.

Pfizer (ticker: PFE) is offering more hopes as early-stage laboratory research suggests it might have identified a potential coronavirus treatment, The Wall Street Journal reported Thursday. The drug maker said it wants to begin testing in patients this summer. Pfizer stock rose 2.3% on the back of the news.

Corporate and municipal borrowers are getting more backup from the Federal Reserve. The central bank said on Thursday that it could make available as much as $2.3 trillion in new loans through a series of initiatives in addition to its existing lending facilities. The new programs would extend central-bank support to corners of markets where it hadn’t been active, such as municipal bonds and high-yield exchange-traded funds. It will also provide extra support to banks that make small-business loans or participate in the Treasury’s Paycheck Protection Program, or PPP, programs that have so far struggled to get loans to businesses.

On the fiscal end, however, the next round of coronavirus stimulus is not making much progress yet. Democratic Senators have blocked Majority Leader Mitch McConnell’s (R-Ky.) move to add $250 billion in funding for the small-business loan program. On Wednesday, House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-NY) laid out a Democratic proposal, which includes not only assistance to small businesses, but also additional funding for hospitals, state and local governments and food aid programs. The Senate has now adjourned until next week.

As the coronavirus keeps nonessential businesses shut, Americans continue to get laid off or furloughed through last week. The Labor Department said Thursday that for the week ended April 4, about 6.6 million people filed for unemployment insurance, while the previous week’s number was raised to 6.9 million. Over the course of the past three weeks since mid-March, more than 16 million Americans have claimed unemployment benefits, an unprecedented level since the government started recording such data. Before the outbreak, jobless claims hovered around 200,000 a week, and the prior record high was 695,000 in 1982.

https://asset.barrons.com/dj-mg/dice/barrons-staffpicks-2d590600-c862-4394-b9d3-66b48c376d60/inset.json

The University of Michigan said on Thursday that its consumer sentiment index has fallen 18.1 points from the previous month to reach 71 in April, marking the biggest-ever one-month decline and putting the index at its lowest level since 2011.

On the oil front, Saudi Arabia and Russia have agreed in principle to the biggest organized oil-production cuts in decades following a teleconference today with a group of crude-producing nations. Saudi plans to curb output by 4 million barrels a day from its April production levels, while Russia has agreed to cut 2 million barrels a day. Other nations have yet to make specific commitments to their portion of the cut.

The tentative agreement comes after a month of price conflict between two of the world’s top oil producers that has led to a global oil glut and plummeting prices in the commodity. Oil prices shot higher on Thursday ahead of the announcement, but lost momentum later to settle with losses. Market participants were disappointed that the agreed-to cuts were smaller than earlier speculation for up to 20 million barrels a day in total cuts. The global oil market is significantly oversupplied amid plunging global demand due to the coronavirus disruptions.

Brent crude’s front-month futures fell 4.14% to $31.48 a barrel on Thursday, after rising more than 10% in early trading. West Texas Intermediate crude slumped 9.29% to $22.76 per barrel after jumping nearly 13% in the early session.

Write to Evie Liu at evie.liu@barrons.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.