Stocks give up on sharp rise in oil

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The stock market skyrocketed before resuming gains late in the afternoon, as oil prices suffered a brutal sale.

The S&P 500, which was about to exit its bear market, closed the session down slightly. The Dow Jones Industrial Average also closed lower, dropping a gain of more than 900 points.

Teleprinter security Latest Change Change%
I: DJI MEDIUM DOW JONES 22653.86 -26.13 -0.12%
SP500 S&P 500 2659.41 -4.27 -0.16%
I: COMP NASDAQ COMPOSITE INDEX 7887.25968 -25.98 -0.33%

Crude oil West Texas Intermediate, the American benchmark, fell sharply and brutally to close 9.39% to 23.63 dollars per barrel because of concerns about the construction of the supply and before the emergency virtual meeting of OPEC Thursday.

Teleprinter security Latest Change Change%
USO UNITED STATES OIL FUND L.P. 5.09 -0.39 -7.12%

While the top three averages fell, the S&P 500 briefly left its bear market which started on March 12. The index had to close above 2,684.88 to officially exit.

The COVID-19 pandemic showed new signs of slowing with the number of new cases and deaths in New York and New Jersey falling for a second day on Monday, giving investors some hope at the start of the session . However, New York Governor Andrew Cuomo said at a press conference on Tuesday that the deaths had their highest peak in a day.

In terms of stocks, the big oil company Exxon Mobil cut investment spending in 2020 by 30%, following peers Chevron and Shell to cut spending.

Teleprinter security Latest Change Change%
XOM EXXON MOBIL CORPORATION 41.24 +0.77 + 1.90%
CVX CHEVRON CORP. 80.92 +0.53 + 0.66%

Carnival Cruise Line posted solid gains for a second day after the Saudi investment fund bought an 8% stake on Monday.

Boeing has announced that production at its 787 plant in South Carolina will be temporarily suspended due to COVID-19. The planner suspended operations in the Seattle area on Sunday because of the virus.

Food producer Kraft Heinz said increased demand due to COVID-19 would result in net sales growth of 3% in the first quarter.

Teleprinter security Latest Change Change%
CCL CARNIVAL CORP. 11:30 am +1.09 + 10.68%
BA BOEING COMPANY 141.58 -7.19 -4.83%
M MACY’S INC. 5.91 +0.28 + 4.97%

Macy’s chief financial officer, Paula Price, will leave the company on May 31 and remain as an advisor until November. A search for his replacement is in progress.

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US Treasuries were under pressure, pushing up the yield on the 10-year note to 0.735%.

In Europe, the German DAX jumped 2.79% and the French CAC jumped 2.12%. The FTSE in Britain, where Prime Minister Boris Johnson was placed in intensive care on Monday due to his battle with COVID-19, increased 2.19%.

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Asian markets rebounded in all areas, the Hong Kong Hang Seng climbing 2.12% and the Shanghai Composite of China gaining 2.06%. The Japanese Nikkei rose 2.01% as Prime Minister Shinzo Abe announced a $ 1 trillion stimulus package.

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