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 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.
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.
