Stock market update for April 29, 2020

Stock market news

At 1:56 PM, ET time on April 29, 2020, the stock market today is rallying. All major stock indexes are up more than 2%. Small-cap stocks outperform today. This is the latest stock market update:

S&P 500: 2,942.35,+78.96(+2.76%)
Dow 30: 24,653.91,+552.36(+2.29%)
Nasdaq: 8,907.99,+300.26(+3.49%)
Russell 2000: 1,364.97,+66.89(+5.15%)

Stock market commentary

The Fed will announce its monetary policy decision at 2PM. Earlier the US GDP figure showed a contraction of -4.8% for the first quarter of 2020.

“The U.S. economy shrank at its fastest pace since the last recession in the first quarter as the coronavirus pandemic shut down large parts of the country, signaling the end of the longest economic expansion on record.

Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 4.8% in the first three months of 2020, the Commerce Department said Wednesday. “

Source: https://www.wsj.com/articles/first-quarter-gdp-us-growth-coronavirus-11588123665