FOX Business’s Lauren Simonetti talks about session closings due to falling oil prices and a rebound in retail and travel inventory amidst coronavirus.
Get all the latest coronavirus news and more daily in your inbox. Register here.
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.
|I: DJI||MEDIUM DOW JONES||22653.86||-26.13||-0.12%|
|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.
|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.
|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.
|CCL||CARNIVAL CORP.||11:30 am||+1.09||+ 10.68%|
|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.
CORONAVIRUS TO PROMOTE GOLD MINER OFFERS: THE CEO OF BARRICK GOLD
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%.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
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.