The previous week saw yet another volatile ride, though it wasn’t as extreme as the roller-coaster ups and downs of mid-March. The global coronavirus lockdown caused oil demand to fizzle out and future crude contracts continued to tumble. The quarterly results of major companies were also weak. There were also some doubts as to what the position of Congress would be on the exact terms and qualifications of the refunding part of the Payment Protection Program (PPP) that is intended to help small businesses.
Monday, April 27
Stocks were boosted by reports that social distancing measures were being rolled back gradually by 13 states. But after four consecutive sessions of gains, oil prices went to a slump again. Dow closed at 24.133.78, while the S&P 500 and the Nasdaq Composite Index closed at 2,878.48 and 8.730.16 respectively.
Tuesday, April 28
Stock continued adding to their recent gains. The states of Georgia, Texas, and South Carolina kick-started the reopening. The bullish outlook was further cemented by the encouraging earnings results of Pfizer ($PFE) and Merck ($MRK).
Dow Jones advanced by close to 400 points in just the
The index turned around and closed at 24,101.55, after opening weakness
NASDAQ and S&P 500 closed at 8,607.73 and 2,863.39 respectively.
Wednesday, April 29
The optimism continued on Wednesday, strengthened by Tuesday's late action, as traders and investors saw the re opening as a bullish sign business was close to returning. Gilead ($GILD) saw shares soar yesterday after encouraging data emerged regarding successful treatment for coronavirus in the form of its Remdesivir drug. The good news sent Dow Jones leaping by over 550 points by early afternoon. It closed at 24,633.86, while the S&P 500 closed at 2,939.51. NASDAQ ended the day at 8,914.71.
Thursday, April 30
As the month of April came to an end, we saw a 6 week period of extreme volatility. First the Market underwent a huge meltdown as the corona reality set in.
markets hate uncertainty and With no one knowing how far and how fast the continued decline would be or last-panic ensued. But the market stabilized in late March and since then it put forward a great recovery, rewarding those who bought during the panic selloff, with incredible short term returns.
While the major indexes all experienced big gains, much of this was the result of the optimism that the adverse effects of the Covid-19 pandemic would begin to wear off. But Dow Jones fell back on Thursday morning as a result of some gloomy economic releases regarding unemployment claims, consumer expenditure and personal income.
While NASDAQ and the S&P 500 closed at 8,889.55 and 2,912.43 respectively, Dow Jones ended the day at 24,345.72.
Friday, May 1
The 1st day of May brought continued uncertainty. The market had been stabilizing but with so many variables and the weekend coming, the market was wary into the weekend. Tariffs were back in the picture and that often leads to selloffs and increased volatility. The Markets sank after Trump threatened China with tariffs with regard to coronavirus. It ended the final day of the week at 23,723.69, while the S&P 500 and the Nasdaq Composite Index closed at 2,830.71 and 8,604.95 respectively.