Simonetti with the markets quite a day on the markets. Lauren doing fast math i think the swing is 830 points. Volatility is back. Nasdaq not quite positive for the year but close. Nasdaq choppy session, up 1. 1 in the end. The dow was down as many as 458 points, as near nearly three million americans filed for Unemployment Benefits to the two month total, 36 1 2 americans out of work. The market started popping when President Trump said a Covid Vaccine is likely by the end of the year. The dow up today for the first time in four days. The pharmaceutical industry however, more cautious when it comes to a vaccine. The novartis ceo says most likely well not have one until middle of next year. Sanofi amending the pretty convertal comments that the company u. S. Would receive the vaccine first. The company now says it would be available to all countries at the same time. Some pharmaceuticals were down today. Oil closing at near six week high. Look at that 27. 59. The banks surging really l
Storage is limited amid the coronavirus prices. Oil closing, folks, at the lowest point ever seen since the original Oil Futures Contract began trading back in 1983. The drop is choking the stock market. We are very close to session lows at the moment, with the Dow Jones Industrials down as far as the biggest percentage loss here, 2. 25 or 534 points to the downside. The market action, believe it or not, would actually have been worse if it werent for the fact that we could be just about 72 hours away from another half a trillion dollar infusion from the federal governments financial fire hose, as congress inches closer to a deal to replenish the Small Business loan program. Congressman kevin brady, republican of texas, is the Ranking Member of the house ways and means committee. He is here live and we are going to ask whats going on behind closed doors as best he knows, and whats the plan eventually to pay for all of this spending. We are learning that some of the rescue money went wh
Fox Business Team coverage. Phil flynn is the man of the hour watching all the oil action for us so well get to phil. Lauren simonetti on market. Blake burman from the white house. Well have more reporting from washington. Phil, like i said you you are te man of the hour. You never saw a day like this. Take us through it. Never in my life. A lot of people watching this market never thought they would see a day like this. You have a perfect situation where the contract coming for delivery with no demand there is somebody out there right now that wants to sell oil and there is nobody there to buy it. In fact this is the first time weve ever seen this kind of situation, connell, and it could be a shortterm situation because you look at some of the back months and the price of oil, there are still relatively strong compared to the front month but this is a disaster. It is a disaster because opec didnt act fast enough to cut production. It is a disaster because u. S. Producers didnt pull ba
170 points to the upside. Look at the nasdaq, up almost 7 right now. Again, we are keeping a close eye the dow. It could be the best day for the Dow Jones Industrials since 2008. We are on the markets for you. Liz is coming up, plus we are talking about wall street. They are rallying. Now the crisis. This coronavirus still has a big part of the economy shut down and we are shut in right now. Medley pharmacy is promising same day delivery of prescription drugs to anybody who needs them. Its cofounder will be here in a fox business exclusive. As china slowly gets back to business, the Footwear Industry is hoping to get back to churning out new products. We will talk to one industry exec about how the pandemic is actually punishing business. A lot of business is punished but this one in particular. You will want to hear about this. Plus, with gyms closed, your favorite classes are canceled. We will talk to the ceo of class pass about how he is helping shuttered studios and you can actuall
Stories. Lauren simonetti following markets in the newsroom. Blake burman at white house, Hillary Vaughn on capitol hill, and Edward Lawrence with more reporting from washington as well. Lauren, on this 2,000 point gain today we start with you. Lauren biggest point gain the dow has ever seen. Rallied into the final hour of trading. What caused this . Is this fact that donald trump wants to open the economy up by easter . Is it fact the senate is awfully close to spending a two trillion dollar stimulus or both . The dow up 11. 25 . The s p and nasdaq up 208 and 557 points respectively. Each had the second biggest point gains in history. A lot of investors today are saying this is the birth of a new bull market . Have we hit bottom or is this just a temporary bounce . Look, nobody knows the answer, but Credit Suisse looking at the broader market, they see by the end of the year, s p 2700, which is a 21 gain from yesterdays close. Take that with a grain of salt. The big tech stocks we lik