The week on Wall Street
Stock prices bounced around last week as investors reacted to wild swings in the price of oil and reports that called into question the efficacy of two potential virus treatments.
The Dow Jones Industrial Average retreated 1.93%, while the Standard & Poor’s 500 lost 1.32%. The Nasdaq Composite Index slipped 0.18%. The MSCI EAFE Index, which tracks developed overseas stock markets, declined 1.21%.1,2,3
Oil Wavers, Promising Virus Treatments Disappoint
Stocks opened the new week lower on the heels of a plunge in oil prices that saw the May oil futures contract fall into negative territory. While negative prices were largely reflective of technical issues associated with trading the contracts rather than the actual price of oil, the unprecedented move unsettled investors.
Stocks found some positive momentum as the week wore on, buoyed by corporate earnings reports that showed solid performance amid a challenging environment.
On two separate days, however, solid moves to the upside were derailed by disappointing news on promising COVID-19 treatments. One drug failed to produce positive results in its first trial, followed the next day by an FDA warning against taking chloroquine and hydroxychloroquine to treat COVID-19. Stocks managed to rally and trim the week’s losses during the market’s final hours on Friday.
The Economic Reopening Begins
States across the nation, including Georgia, Tennessee, South Carolina, and Texas, have begun the process of slowly reopening commerce, while Montana’s governor announced the first phase of restarting its economy.4,5
Each state is taking a different approach, potentially serving as a laboratory to help guide other states in their efforts to reopen businesses. From the market’s perspective, these early steps are not only hopeful signs that the journey to normalization may have begun, but they may provide important clues to how quickly business activity can rebound and the degree to which individuals resume social engagement – two important metrics that may influence the market in the weeks ahead.
Ken contributed to these articles:
PPP is 2008 all over again with big banks winning, everyday Americans losing
Here are three accounts you need to manage your money and give yourself financial security
Listen to Ken’s coronavirus Q&A show on WHUD radio now!
Click here and listen to Ken’s 4/12/2020 segment to hear about emotions in finance, how to start your emergency fund, and a recap of this crazy market.
In this segment, Ken answers questions from listeners about how to watch market movements and make investment decisions. Ken takes ideas from his new book ’10 Things To Do Before You Retire’ to answer questions on how much to save, what to do right now, and how to plan for your financial future if you are an individual or a small business owner.
We are donating to help fight the coronavirus pandemic!
Here at Mahoney Asset Management we think it is important to give back and support our local community at this time of need. As a result, we are donating to the Rockland County United Way Coronavirus Crisis Fund.
Donations will help support Rockland County families in crisis and will provide lifesaving resources to people impacted by COVID-19. 100% of the donation will remain in Rockland County to provide essential resources, including food and medical supplies, as well as help continue to provide important Coronavirus information to the Rockland County community.
If you would also like to contribute and help our local community in the fight against the Coronavirus, click here.
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