Amid a plethora of distressing headlines, stocks gave back much of yesterday’s gains in early trading. The bulls did try to mount a rally in the last hour of trading but it failed rather miserably. Stocks did end higher for the week, but it certainly felt like a consolation prize.
Congress did pass the relief bill, so we now have that behind us. And, of course, the Fed is all in with what seems like an endless supply of bazookas. Now, we have to get over the hump with regards to the virus. As expected, case numbers are accelerating. Well, of course they are because now with testing, we can actually count them. That news is going to get worse before it gets better. The good news is that there appears to be many treatment drugs on the near term horizon. Again, the point of the shutdowns and social distancing was to smooth out the curve and keep the medical system from being overwhelmed. At the moment we are seeing mixed results, but must keep battling. Things will turn at some point.
For the day, the Dow Jones Industrial Average was down 915 points to close at 21,636. The S&P 500 was down 88 points to finish the day at 2,541. Gold was down $6 to trade at $1,654 per ounce, while oil was down $.94 to trade at $21.66 per barrel WTI.
It was another crazy volatile week for the markets. Volatility is likely to be with us for some time as we work through this crisis. Stay safe and hopefully you are able to enjoy your loved ones.
Have a nice weekend everyone.