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Redwood Capital Management Limited: Stock Market rallying up; here's what happen on Thursday
Bagging an unbelievable crashed this past few weeks because of the coronavirus pandemic, stock market bite a bit of hope on last Thursday trading
Three of the major indexes in the U.S. stock market gained a portion of what they have loss in this volatile season. The Dow Jones Industrial soared by 469.93 points or 2.24% which closes at 21,413.44. The S&P 500 gained at least 2.28% to 2,526.90 while Nasdaq Composite advanced 1.72% to 7,487.31. Chevron leap by 11.03% and Exxon Mobil climb up by 7.65% they both led energy stocks higher.
Oil prices under commodity sector also made a positive impact on Thursday after reviving about 23% of what they have loss last week to a near $25 per dollar. Western Texas Intermediate (WTI) Crude gained 24.67% to $25.32 per barrel while Brent Crude rose to 21.02% or $29.94 per barrel.
The sudden surge comes up after President Donald Trump stated that Russia and Saudi Arabia would cut its production following a conversation with Saudi's royalty Crown Prince Mohammed Bin Salman. However, oil price surge fell short after officials from both countries weakened the possibility of the idea.
At the same time, Gold is gaining its pace at it keeps on soaring the past three days. The precious mineral is trading over 3.1% to $1,640.80 per ounce higher after defeatists' news in the U.S. market is spreading which is making investors nervously looking for a safe-haven. But analyst warn to be cautious in acquiring gold early this quarter this year, because there will be a possible decline this second quarter of 2020.
The pandemic had cause tragic loss of millions of jobs worldwide, U.S. Labor Department alone noted at least 6.6 million of people after filing an unemployment benefits last March 27, 2020. More businesses are expected to close down for a certain period of time until this global crisis took its end.
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