money Market Recap: Thursday, April 9
On Thursday, stocks rallied to their best weekly gain in more than four decades after the Federal Reserve unexpectedly unleashed a new multi-trillion-dollar stimulus plan to support businesses during the coronavirus pandemic. The S&P 500’s 1.5% rise Thursday brought its weekly gains to 12.1%, or its best one-week gain since 1974. U.S. equity markets will be closed Friday in observance of Good Friday.
Video Transcript
AKIKO FUJITA: Welcome back to Yahoo Finance Live. We are counting down to the closing bell on a day when we've seen the markets back up, despite that big number we got early this morning on the unemployment claims, 6.6 million for the week, bringing that three-week total to more than 16 million, certainly not weighing on the markets, at least for now. We are seeing the Dow up 2--
[BELL]
And there is the closing bell. Let's get back to the numbers here, though, the Dow up 270 roughly at the close, the NASDAQ up 57, the S&P 500 up 38. Some big moves today not just on the unemployment claims. We also got that big news from the Fed extending its toolkit announcing at $2.3 trillion injection.
We also saw some big moves in oil today. It jumped as much as 12% on that initial news from Reuters that the Saudis and Russians had agreed to an output cut of 20 million barrels a day. But that certainly throughout the day, doubts about whether that agreement had actually been reached and we are now seeing oil down as well.
