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Benchmarks closed higher on Tuesday as investors remained optimistic that the U.S. economy may open soon. The coronavirus pandemic had compelled the government to take protective measures including lockdowns.
However, investors also kept a watch on first-quarter corporate earnings as it will shed light on the virus’ impact on business.
The Dow Jones Industrial Average (DJI) added 558.99 points, or 2.4%, to close at 23,949.76 and the S&P 500 gained 84.43 points, or 3.1% to close at of 2,846.06. While, the Nasdaq Composite Index closed at 8,515.74, adding 323.32 points, or 4%. The fear-gauge CBOE Volatility Index (VIX) decreased 8.3%, to close at 37.76. Advancing issues outnumbered declining ones for 2.83-to-1 ratio on the NYSE and a 2.32-to-1 ratio on the Nasdaq favored advancers.
How Did the Benchmarks Perform?
On Tuesday, the Nasdaq rose 4%, led by Amazon.com, Inc. (AMZN - Free Report) gain of 5.3%, an all-time high as investors bet on increased demand amid the nationwide lockdown. However, the tech-laden index is less than 14% from its 52- week high on Feb 19.Amazon.com carriesa Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
While, the Dow gain was boosted by Johnson & Johnson (JNJ - Free Report) , Microsoft Corporation (MSFT - Free Report) , and Apple Inc. (AAPL - Free Report) which rose more than 4% on Apr 14. Overall, the S&P index recorded eight new 52-week highs and no new low. Meanwhile, Nasdaq recorded 24 new highs and 10 new lows.
U.S. Economy May Re-open Soon as Health Crisis Ebbs
On Tuesday, investors welcomed news that New York’s total hospitalizations fell for the first time since the onset of the COVID-19. The hotspot is feared to have the highest number of fatalities in the United States. Along with that nearly 10 of the American states that accounts for nearly 38% of the country’s economy have began framing plans to re-open businesses.
Additionally, White House adviser Larry Kudlow said on Tuesday that President Donald Trump would make a number of announcements about re-opening the U.S. economy in the next few days. However, state governors have informed that the decision to restart businesses lies with individual states.
Mixed Q1 Earnings Report
On Tuesday few of Wall Street’s major banks and key consumer staples company reported their first-quarter earnings, making a beginning to the earnings season.
JPMorgan Chase & Co. (JPM - Free Report) reported first-quarter 2020 earnings of 78 cents per share, which missed the Zacks Consensus Estimate of $1.70. The weak results of the banking giant were due to the provision builds which led to the deterioration in the macro economic backdrop as well as losses leading to the widening of funding spread on derivatives and bridge book markdowns.Shares of JPMorgan Chase dropped 2.7% on Tuesday. (Read More)
On the other hand, consumer staple company Johnson & Johnson reported first-quarter 2020 earnings of $2.30 per share, which beat the Zacks Consensus Estimate of $2.03. The company reported that sales had improved in Pharmaceutical and Consumer Health segments on an organic basis. Shares of Johnson & Johnson rose 4.5% on Apr 14. (Read More)
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Stock Market News for Apr 15, 2020
Benchmarks closed higher on Tuesday as investors remained optimistic that the U.S. economy may open soon. The coronavirus pandemic had compelled the government to take protective measures including lockdowns.
However, investors also kept a watch on first-quarter corporate earnings as it will shed light on the virus’ impact on business.
The Dow Jones Industrial Average (DJI) added 558.99 points, or 2.4%, to close at 23,949.76 and the S&P 500 gained 84.43 points, or 3.1% to close at of 2,846.06. While, the Nasdaq Composite Index closed at 8,515.74, adding 323.32 points, or 4%. The fear-gauge CBOE Volatility Index (VIX) decreased 8.3%, to close at 37.76. Advancing issues outnumbered declining ones for 2.83-to-1 ratio on the NYSE and a 2.32-to-1 ratio on the Nasdaq favored advancers.
How Did the Benchmarks Perform?
On Tuesday, the Nasdaq rose 4%, led by Amazon.com, Inc. (AMZN - Free Report) gain of 5.3%, an all-time high as investors bet on increased demand amid the nationwide lockdown. However, the tech-laden index is less than 14% from its 52- week high on Feb 19.Amazon.com carriesa Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
While, the Dow gain was boosted by Johnson & Johnson (JNJ - Free Report) , Microsoft Corporation (MSFT - Free Report) , and Apple Inc. (AAPL - Free Report) which rose more than 4% on Apr 14. Overall, the S&P index recorded eight new 52-week highs and no new low. Meanwhile, Nasdaq recorded 24 new highs and 10 new lows.
U.S. Economy May Re-open Soon as Health Crisis Ebbs
On Tuesday, investors welcomed news that New York’s total hospitalizations fell for the first time since the onset of the COVID-19. The hotspot is feared to have the highest number of fatalities in the United States. Along with that nearly 10 of the American states that accounts for nearly 38% of the country’s economy have began framing plans to re-open businesses.
Additionally, White House adviser Larry Kudlow said on Tuesday that President Donald Trump would make a number of announcements about re-opening the U.S. economy in the next few days. However, state governors have informed that the decision to restart businesses lies with individual states.
Mixed Q1 Earnings Report
On Tuesday few of Wall Street’s major banks and key consumer staples company reported their first-quarter earnings, making a beginning to the earnings season.
JPMorgan Chase & Co. (JPM - Free Report) reported first-quarter 2020 earnings of 78 cents per share, which missed the Zacks Consensus Estimate of $1.70. The weak results of the banking giant were due to the provision builds which led to the deterioration in the macro economic backdrop as well as losses leading to the widening of funding spread on derivatives and bridge book markdowns.Shares of JPMorgan Chase dropped 2.7% on Tuesday. (Read More)
On the other hand, consumer staple company Johnson & Johnson reported first-quarter 2020 earnings of $2.30 per share, which beat the Zacks Consensus Estimate of $2.03. The company reported that sales had improved in Pharmaceutical and Consumer Health segments on an organic basis. Shares of Johnson & Johnson rose 4.5% on Apr 14. (Read More)
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>