Oil continued to recover from the nightmare earlier in the week, and once again stocks tried to follow along. Actually, it looked like stocks were set to move nicely higher, but a less than flattering, but also less than reliable report around midday about a therapeutic drug that the markets rallied on last week, took the steam out of the rally.
Also, we got another horrid weekly jobless claims report this morning, but as we’ve been saying, these reports are well known and expected, so they don’t move markets. To see stocks rally when such bad news is reported might appear ghoulish, but stocks look forward and not backward.
As for today, by the close the Dow Jones Industrial Average was up 39 points to finish the day at 23,515. The S&P 500 was down 1 point to close at 2,797. Gold was up $14 to trade at $1,752 per ounce, while oil was up $3.21 to trade at $16.99 per barrel WTI.
As we mentioned, the ebbs and flows will be dictated by headlines, mainly ones that have to do with the virus. Let’s see how things finish out tomorrow.
Have a nice evening everyone.