The Stock Market Is Soaring Because Oil Might Not Fall Forever

Ben Levisohn Intraday Update Markets CCL FANG MO NCLH OXY WBA Carnival (CCL) Diamondback Energy Norwegian Cruise Line Holdings Occidental Petroleum Altria Walgreens Boots Alliance Energy Crude Oil/Natural Gas Upstream Operations Crude Petroleum Extraction Trusts/Funds/Financial Vehicles Natural Gas/Oil Exploration Natural Gas/Oil Extraction Exchange Traded Funds Financial Services Fossil Fuels Investing/Securities Donald Trump North America United States Equity Markets Commodity/Financial Market News Content Types Factiva Filters C&E Exclusion Filter CCL FANG HYG I/EXT I/FSL I/IAV I/OIS I/XFFX M/ENE M/FCL MO N/DJN N/MKT N/PRD N/STK N/WER NCLH OXY R/NME R/US WBA HYG iShares iBoxx $ High Yield Corporate Bond ET Barrons.com Barrons Blogs Wires Fortune 500 COMP DJIA Dow Jones Industrial Average Nasdaq Composite S&P 500 SPX CODES_REVIEWED Companies Coronavirus Intraday Update Markets author Ben Levisohn author|Ben Levisohn topicid 8022 name Ben Levisohn extractedtext Ben Levisohn rank 1 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passing-mention co occid co|occid country US symbol OXY displayname Occidental Petroleum why about extractedtext Occidental Petroleum source FACTIVA occurs true seoname occidental_petroleum orgtype public countrycode US relevancerange low chartingsymbol STOCK/US/XNYS/OXY fcode occid fullextractedtext Occidental Petroleum ticker OXY confidence 100 subcat com relevance 18 significance passing name Occidental Petroleum confidencerange high exchange NYSE exchangeisocode XNYS codetype co code occid status modified onlinesignificance passing-mention co crnivl co|crnivl country US symbol CCL displayname Carnival why occur extractedtext Carnival (CCL) source FACTIVA seoname carnival countrycode US relevancerange low chartingsymbol STOCK/US/XNYS/CCL fcode crnivl fullextractedtext Carnival (CCL) ticker CCL confidence 100 subcat com relevance 29 significance prominent name Carnival (CCL) confidencerange high exchange NYSE exchangeisocode XNYS codetype co code crnivl status modified 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prominent name HYG why about source FACTIVA occurs true fcode HYG codetype djn code hyg onlinesignificance prominent djn OXY djn|OXY significance prominent name OXY why about source FACTIVA occurs true fcode OXY codetype djn code oxy onlinesignificance prominent djn CCL djn|CCL significance passing name CCL why occur source FACTIVA fcode CCL codetype djn code ccl onlinesignificance passing-mention djn NCLH djn|NCLH significance passing name NCLH why occur source FACTIVA fcode NCLH codetype djn code nclh onlinesignificance passing-mention djn MO djn|MO significance passing name MO why occur source FACTIVA fcode MO codetype djn code mo onlinesignificance passing-mention djn WBA djn|WBA significance passing name WBA why occur source FACTIVA fcode WBA codetype djn code wba onlinesignificance passing-mention djn I/EXT djn|I/EXT significance prominent name I/EXT why about source FACTIVA fcode I/EXT codetype djn code i_ext onlinesignificance prominent djn M/FCL djn|M/FCL name M/FCL why 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CODES_REVIEWED codetype STATISTIC code CODES_REVIEWED subject BARMKTS subject|BARMKTS ruleid BARMKTS codetype SUBJECT value BARMKTS selectable true canbedisplaysubject true name Markets title Markets status modified code BARMKTS subject BARCOMP subject|BARCOMP ruleid BARCOMP codetype SUBJECT value BARCOMP canbedisplaysubject true name Companies title Companies status modified code BARCOMP subject BARCORONA subject|BARCORONA ruleid BARCORONA codetype SUBJECT value BARCORONA canbedisplaysubject true name Coronavirus title Coronavirus status modified code BARCORONA subject BARIDAY subject|BARIDAY ruleid BARIDAY codetype SUBJECT value BARIDAY canbedisplaybrand true name Intraday Update title Intraday Update status modified code BARIDAY wordcount 383 wordcount|383 id facebook id|facebook news_tab_url https://www.barrons.com/articles/stock-market-soars-because-oil-might-not-fall-forever-51585845563 The Stock Market Is Soaring Because Oil Might Not Fall Forever The Stock Market Is Soaring Because Oil Might Not Fall Forever Stock Market Soars Because Oil Might Not Fall Forever

The stock market is climbing after President Donald Trump tweeted that Saudi and Russia could work together to end the pain in the oil markets. That helped investors ignore Thursday’s jobless claims data—more than 6 million Americans filed for unemployment insurance—for now.

The Stock Market Is Soaring Because Oil Might Not Fall Forever

The stock market is climbing after President Donald Trump tweeted that Saudi and Russia could work together to end the pain in the oil markets. That helped investors ignore Thursday’s jobless claims data—more than 6 million Americans filed for unemployment insurance—for now.

https://www.barrons.com/articles/oil-futures-jump-while-global-stocks-edge-higher-51585819239 https://www.barrons.com/articles/oil-prices-trump-tweet-saudi-crown-prince-russia-putin-51585840278 https://www.barrons.com/articles/record-6-6-million-americans-file-jobless-claims-doubling-the-week-earlier-level-51585831889 https://www.cnbc.com/2020/04/02/walgreens-wba-q2-2020-earnings.html https://www.barrons.com/articles/carnival-pays-steep-rates-for-nearly-6-billion-in-new-debt-51585834262 https://www.wsj.com/articles/u-s-sues-to-unwind-altrias-12-8-billion-investment-in-juul-11585789327 The Stock Market Is Soaring Because Oil Might Not Fall Forever By Ben Levisohn

Rally hats. The stock market is climbing after President Donald Trump tweeted that Saudi and Russia could work together to end the pain in the oil markets. That helped investors ignore Thursday’s jobless claims data—more than 6 million Americans filed for unemployment insurance—for now.

The Dow Jones Industrial Average has risen 324 points, or 1.6%, while the S&P 500 has gained 1.7%, and the Nasdaq Composite has advanced 1.3%. But forget the stock market—oil’s the story. WTI crude has climbed 25% to $25.40 a barrel, helping to give not only stocks a boost, but junk bonds too. The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has risen 0.8% to $75.20.

No surprise, then, that oil stocks are dominated the list of top performers in the S&P 500. Occidental Petroleum (OXY), Apache (APA), and Diamondback Energy (FANG), up 24%, 24%, and 19% respectively, make up the top three, while drillers, explorers and even one MLP make up the rest of the top-10.

The losers are a more eclectic mix. Walgreens Boots Alliance (WBA) has dropped 7.7%, after beating earnings forecasts but saying that it can’t “accurately forecast” the impact of coronavirus on future quarters.

Carnival (CCL) has fallen 6.1% after selling $4 billion in bonds with a coupon of 11.5%. It also sold $500 million in stock. Carnival’s sale also hit Norwegian Cruise Line Holdings (NCLH), which has fallen 7%.

Altria (MO) has dropped 4.5% after the FTC said it would try to unwind its investment in Juul.

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

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