April 3, 2020
US stock market news
All major stock indexes closed higher as the stock market did not react negatively to the US weekly jobless claims hitting a new record.
“US jobless claims skyrocket to 6.6 million, doubling last week’s record, as coronavirus layoffs persist.
US weekly jobless claims have spiked to a second consecutive weekly record as coronavirus-induced layoffs persist across the country.
The Labor Department reported Thursday that 6.64 million Americans filed for unemployment insurance in the week that ended Saturday — more than double the previous week’s total.
Economists expect the US to fall into recession in the second quarter if it isn’t already in one. The sky-high jobless claims could raise the unemployment rate by multiple percentage points.”
How the stock market closed on April 2, 2020
S&P 500: 2,526.90,+56.40(+2.28%)
Dow 30: 21,413.44,+469.93(+2.24%)
Russell 2000: 1,077.40,+5.40(+0.50%)
Parsley Energy, Inc. (PE) stock among stock gainers with a stock price of 6.91+1.36 (+24.50%).
PUMA SE (PUMSY) was among stock losers with a stock price of 5.37-0.90 (-14.35%).
Stock investing | Stock trading | Most active stocks
Marathon Oil Corporation (MRO) was among the most active stocks with a stock price of 3.4700+0.3500 (+11.22%).
Stock Market, U.S. Sectors & Industries Performance
Energy was the best performing sector +9.08%, Consumer Discretionary was the worst-performing sector +0.35%.
The major economic news for today are the US non-farm payrolls and the unemployment rate for the US economy.
” The Department of Labor is set to release its monthly jobs report at 8:30 a.m. ET Friday. Here are the main metrics expected from the report, compared to consensus data compiled by Bloomberg as of Thursday afternoon:
- Change in non-farm payrolls, March: -100,000 vs. +273,000 in February
- Unemployment rate, March: 3.8% vs. 3.5% in February
- Average hourly earnings, month on month: +0.2% vs. +0.3% in February
- Average hourly earnings, year on year: +3.0% vs. +3.0% in February
Estimates for the March change in non-farm payrolls span a wide range, with a handful of firms anticipating payrolls actually rose modestly at the start of the month. But at the median, economists anticipate payrolls netted out to -100,000, reflecting the first drop in nonfarm payrolls since September 2010.”