Day Traders Diary

3/25/20

The Dow Jones Industrial Averages rose 2% while the S&P 500 rose a percent posting the first back-to-back gains since February. The Dow Jones Industrial Average has jumped more than 13% in two days as the White House and Congressional leaders said they had agreed to a massive stimulus bill to combat the economic slowdown from the coronavirus pandemic. Boeing led the Dow up 24% on optimism of the Congressional spending bill. Boeing also said they plan to restart production of the 737 MAX by May. 

The 30-stock average finished 495 points at 21,200. The S&P 500 rose a percent closing at 2,475. The Nasdaq finished in the red led by techs like Google as Facebook lowered ad spending.  

Stocks came off their highs in the final minutes of trading after Sen. Bernie Sanders said he was prepared to put a hold on this bill until stronger conditions are imposed on the $500 billion corporate welfare fund.

Nike rose 9% after the company beat revenue estimates and said it's seeing improving market conditions in China, Japan, and Korea. Apple slipped in late trading after Nikkei Asian Review report suggesting it might consider delaying the launch of the 5G iPhone by months.

U.S. Treasuries finished mixed with shorter-dated maturities posting gains that drove yields on the four-week bill (-6 bps to -0.05%) and three-month bill (-4 bps to -0.03%) negative. The 2-yr yield declined seven basis points to 0.30%, while the 10-yr yield increased four basis points to 0.86%. The U.S. Dollar Index declined 1.2% to 100.86. WTI crude rose 2.5%, or $0.60, to $24.53/bbl.