This morning stocks opened strong and never looked back.
There was disappointing data announced pre-market: The U.S. GDP shrank by 4.8%. This was the biggest contraction since the financial crisis. But traders expect bad economic news because of the crisis.
Here's the good news traders were focusing on: Positive results from Gilead’s (GILD) Remdesivir study. Gilead released their results showing that patients improved when taking the drug to treat the virus.Even Dr. Fauci said that the drug showed “clear-cut” positive effects when treating the virus.
With today’s gains the S&P is on track for its best month since 1974.
Crude Oil (CL) snapped a 2-day losing streak. With a 22.3% gain, Crude Oil ended the day at $15.09 a barrel.
Alphabet (GOOGL) jumped 8.9%on earnings. The company’s revenue growth was lower, but not as bad as expected. And YouTube ad revenues were actually better than expected.
Looking at the earnings calendar, Twitter (TWTR), McDonald’s (MCD), and American Airlines (AAL) are a few of the bigger names that will report tomorrow.