Months ago, the moves seen in Thursday's market would've been practically unthinkable. But investors today live in a very different era; if oil prices don't move 10% or more in a 24-hour period then markets are experiencing a level of unusual tranquility.
A day after markets erased all stock market gains in the President Donald Trump era there was an extremely modest recovery. The Dow Jones Industrial Average added less than 200 points, or just under 1%, to finish at 20,087. Oil prices rebounded jumping about 24% on the day to finish around $25 per barrel. Although society seems to be reaching a new stage of acceptance when it comes to the situation confronting the world, it's still true that little good news came on Thursday that could inspire a relief rally.
U.S. coronavirus cases officially top 10,000. The number of individuals who have tested positive for COVID-19 breezed past 10,000 on Thursday as a meteoric spike in positive cases continues with the expansion of testing. At least two members of the U.S. Congress have now tested positive for the new disease, as America rose from the eighth-most to the sixth-most infected country on earth in terms of raw positive cases.
Ford suspends dividend. In what could become par for the course, one of America's "Big Three" automakers suspended something the stock has long been heralded for: its large dividend. With its share price getting hammered as consumers rein in large purchases and more and more people lose their jobs and stay inside, Ford's ( F) quarterly dividend of 15 cents per share had catapulted to represent an annualized yield of more than 13% a share. Oddly enough, the decision is probably wise for shareholders as the company looks to preserve capital in unprecedented times.
DXC Technology surges. Shares of information technology company DXC Technology ( DXC) surged on Thursday, jumping nearly 34% after announcing the $5 billion sale of its health and human services business to Veritas Capital. The company will use the proceeds, at least in part, to pay down debt.
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