The President was busy today, first trying to work the Saudis and the Russians into an oil production decrease, then he enacted the Defense Production Act forcing GE and 5 other companies to produce ventilators. Of course the big news this mornings was the more than 6 million jobless claims this week tacked on to the more than 3 million last week. Now, this was not unexpected, but it is a staggering number to see, nonetheless.
As for today, stocks were actually able to post a gain with the Dow Jones Industrial Average up 469 points to close at 21,413. The S&P 500 was up 56 points to finish the day at 2,526. Gold was up $50 to trade at $1,641 per ounce, while oil was up $4.35 to trade at $24.66 per barrel WTI.
Does anybody know what day it is? I think tomorrow is Friday, and if that’s the case we will get the jobs number. I have no idea what expectations are and it doesn’t really matter. We are going to see economic numbers that we have never seen before. And, when companies start reporting earnings in a couple of weeks the guidance they give will be just pure guesses. These are crazy times, but at least stocks were up today.
Have a nice evening everyone.