Synergy Capital Asset Management: Stock Market continues to rally as unemployment rate goes higher
Unemployment rate continues to surges globally as coronavirus pandemic keeps it tolls to soar and confirmed cases goes higher.
By: Synergy Capital Asset Management Limited
Thursday might be bad for the employment sector, stocks however is greenish this day.
Since U.S. stock market is close for Good Friday tomorrow, we'll conclude points this week. The S&P 500 finished up 1.4% to 2,789.82 highest in the past four weeks. The Dow Industrial Average ended up 1.2% to 23,719.37 while Nasdaq Composite closed 0.8% higher to 8,153.57 highest in almost four weeks.
Disney Shares (DIS) also jumps up by 5% today after Disney+ hits 50 million subscribers globally. An amazing result just 5 months after it launched beating more than half of their prediction that they will get to have 60 to 90 million subscribers before 2024.
Under Bonds, the yield on 10-year Treasuries decreased five basis points to 0.72% while yield on two-year Treasuries dipped three basis points to 0.23%.
For commodities, Gold marked its all-time high by 2.1% to $1,684.38 an ounce highest in more than seven years. Oil prices are down though, possible reason is investors saw OPEC+ output cost deduction proposal as insufficient to offset estimates for demand destruction from the Covid-19 outbreak.
The supposed proposal is set to cut 10 million barrels a day of its oil output for two months which includes oil producers, Saudi Arabia and Russia. West Texas Intermediate (WTI) Crude fell by -9.29% to $22.76 per barrel, while, Brent Crude is down by -4.14% to $31.48 per barrel.
Currencies are quite different today; Dollar Index Spot (DXY) fell by -0.04% to $99.48. Japanese Yen however gained by 0.4% to 108.41per dollar. Euro is also up by 0.7% to 1.0936 per dollar. British pound rose 0.7% to $1.2471, the strongest in more than three weeks.
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Synergy Capital Asset Management Limited