Dow climbs 456 points as oil stabilizes and small business funding nears
NEW YORK - U.S. equity markets snapped a two-day skid after a $483 billion coronavirus aid package sailed through the Senate, and oil stabilized following President Trump's threat to take action against Iran if it harasses US ships.
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The Dow Jones Industrial Average climbed 456 points, or 1.99 percent, while the S&P 500 and Nasdaq Composite gained 2.29 percent and 2.8 percent, respectively.
The relief package, aimed at replenishing funds for small businesses, is expected to pass a House vote on Thursday before heading to President Trump’s desk to be signed into law.
West Texas Intermediate crude oil for June delivery surged 19 percent to $13.78 a barrel -- after a previous spike of 32 percent when Trump threatened to destroy Iranian gunboats that harass US ships. The contract had plunged 60 percent this week.
Looking at stocks, Netflix’s quarterly profit surged 106 percent year-over-year to $709.1 million after the company added 15.7 million paid subscribers worldwide as people spent more time at home to slow the spread of COVID-19.
Chipotle Mexican Grill reported strong quarterly earnings, with online sales soaring 81 percent while in-restaurant dining was shuttered.
A monitor shows the trading infomation at the New York Stock Exchange in New York, the United States, March 12, 2020. (Photo by Xinhua/ via Getty Images)
Delta Air Lines posted a net loss of $534 million in the first quarter as Americans eliminated non-essential travel. The airline said it was burning through $100 million cash a day at the end of March and expects that to moderate to about $50 million a day by the end of the June quarter as its measures to conserve cash kick in.
United Airlines raised more than $1 billion through a secondary offering, pricing 39.25 million shares at $26.50 a piece, or 4.9 percent below Tuesday’s close.
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Meanwhile, the online travel booking website Expedia Group is nearing a deal to sell a $1 billion stake to private-equity firms Silver Lake and Apollo Global Management, according to a report from The Wall Street Journal.
Shares of Victoria's Secret-parent L Brands tumbled after a court filing showed private-equity firm Sycamore Partners is seeking to end its agreement to buy a stake because of business decisions that were taken during the COVID-19 pandemic.
U.S. Treasurys slipped, pushing the yield on the 10-year note to 0.618 percent.
In Europe, Britain’s FTSE climbed 2.3 percent, Germany’s DAX added 1.61 percent and France’s CAC gained 1.25 percent.
Asian markets finished mixed, with Japan’s Nikkei sliding 0.74 percent while Hong Kong’s Hang Seng and China’s Shanghai Composite added 0.42 percent and 0.6 percent, respectively.
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