Stocks - Dow Notches First 4-Day Win Streak Since February
Investing.com
Published Apr 27, 2020 04:00PM ET
By Yasin Ebrahim
Investing.com – The Dow made a strong start to the week on Monday as the reopening of certain parts of the global economy lifted investor sentiment and triggered a rally in financials as U.S. bond yields surged.
The Dow Jones Industrial Average rose 1.51%, or 359 points, the S&P 500 gained 1.47%, while the Nasdaq Composite added 1.11%.
Some states lifted lockdown restrictions over the weekend, with several others expected to follow suit over the coming days and weeks amid signs the Covid-19 outbreak, which has killed more than 50,000 nationwide, is flattening.
The move prompted investors to ditch safe havens in hope that the reopening will boost activity, triggering a jump in U.S. bond yields, which underpinned a rally in financials, mostly banking stocks.
JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC) and Citigroup (NYSE:C) ended up more than 4%.
Energy also caught a bid, shrugging off a more-than-20% plunge in oil prices on rising fears over storage capacity at a time when the coronavirus pandemic continues to hurt demand.
But technology stocks lagged the broader move higher, even as several FAANG names are set to report earnings this week, with Google-parent Alphabet (NASDAQ:GOOGL) reporting tomorrow, Facebook (NASDAQ:FB) reporting on Wednesday, Amazon.com (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) on Thursday.
Apple ended the day roughly flat after the tech giant said it was delaying a ramp-up of production by about a month amid the Covid-19 hit to consumer demand and supply chain operations.
Twitter (NYSE:TWTR), meanwhile, closed nearly 5% higher ahead of its quarterly numbers due Thursday after Mizuho upgraded the social media company to neutral from underperform on expectations that most of the coronavirus impact was priced in.
General Motors (NYSE:GM) was up 2.5% even as the automaker suspended its dividend and share repurchase program in a bid to conserve cash.
Tesla (NASDAQ:TSLA), meanwhile, rallied nearly 10% with investors seemingly confident the company is set to deliver a strong quarterly report on Wednesday.
The rally on Wall Street comes as the $310 billion refill of the small business lending program, or Paycheck Protection Program, went into effect today to help small businesses struggling from the economic fallout from Covid-19.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.