First weekly loss in three for Wall Street


A woman with a facial mask passes the New York Stock Exchange (NYSE) on February 3, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

Dow Jones Industrial Average rises 260 points

Oil extends gains from record lows

U.S. crude futures rose 2.7% to settle at $16.94 per barrel, amid hopes the U.S. will reduce some of its production to account for shrinking demand and storage capacity. Stocks also got a boost after Reuters reported that a U.S. government-led trial of remdesivir was running ahead of schedule. The report said those results could be ready by mid-May, with preliminary numbers possibly out earlier.

Boeing drops, Apple climbs

Boeing shares dropped 6.36% on news the airplane maker was delaying the return of the 737 Max. The company is also reportedly cutting 787 Dreamliner production in half. Those losses were offset in part by a 2.89% climb in Apple shares.

What happens next?

The Federal Reserve will hold its next monetary policy meeting next week. Earnings from Facebook, Amazon and Alphabet are set to report earnings.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.



Source link

Comments (No)

Leave a Reply