{"id":160423,"date":"2020-04-09T22:37:21","date_gmt":"2020-04-09T22:37:21","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=160423"},"modified":"2020-04-09T23:33:55","modified_gmt":"2020-04-09T23:33:55","slug":"rally-continues-as-unemployment-soars-and-opec-deal-disappoints","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/rally-continues-as-unemployment-soars-and-opec-deal-disappoints\/","title":{"rendered":"Rally continues as unemployment soars and OPEC deal disappoints"},"content":{"rendered":"

The shortened week before Easter saw markets rally, with the S&P gaining 12%, its biggest jump since 1974. On Thursday alone, it rose 1.45%, with the Dow trailing at 1.22% and the Nasdaq at 0.77%. This despite another 6.6 million Americans filing unemployment<\/a> claims for the week ending April 4, surpassing the estimated 5 million. Over the past three weeks, 16 million Americans have filed for temporary relief. Are investors blase or looking forward to the post-lockdown recovery? Financials outperformed with JP Morgan<\/a> rising 9% while consumer brands like Coca-Cola<\/a> popped 10%. Some travel names continued to gain, most notably American Airlines<\/a> which climbed 10.41% in heavy volume.<\/p>\n

The TSX outperformed Wall Street by rallying 1.73%. MTY Foods<\/a> was one of the biggest winners Thursday, shooting up nearly 26% as were healthcare names CRH Medical<\/a> (21.49%) and Bausch Health<\/a> (14.82%). Gold inched higher, nearing $1,700\/ounce, as Osisko Mining<\/a> jumped 14%, Argonaut Gold<\/a> rallied 13.59% and materials as a whole rose nearly 7%. In contrast, consumer staples and energy were the laggards. Today’s anticipated OPEC meeting<\/a> with Russia resulted in a pledge to cut production by 10 million barrels a day, but investors don’t expect that to offset the biggest oil demand slump in history. WCS fell below $4.50 a barrel. Adding to Canadian woes was the news that over 1 million Canadians joined the jobless<\/a> ranks last week.<\/p>\n

As Canada celebrates Easter and Passover with social distancing, markets will take a breather from the recent roller-coaster ride. However, the VIX has plunged 35% since the March 23 trough, pointing to growing market stability ahead.<\/p>\n

🏛 JP Morgan Chase & Co<\/a> +9%
\n🥤 Coca-Cola Company<\/a> +10%
\n🛫 American Airlines Group<\/a> +10.41%
\n🍱 MTY Food Group<\/a> +26%
\n👨‍⚕️ CRH Medical Corp.<\/a> +21.49%
\n👨‍⚕️ Bausch Health Cos Inc.<\/a> +14.82%
\n🛢 Osisko Mining Inc<\/a> +14%
\n🥇 Argonaut Gold<\/a> +13.59%<\/p>\n","protected":false},"excerpt":{"rendered":"

The shortened week before Easter saw markets rally, with the S&P gaining 12%, its biggest jump since 1974. On Thursday alone, it rose 1.45%, with the Dow trailing at 1.22% and the Nasdaq at 0.77%. This despite another 6.6 million […]<\/p>\n","protected":false},"author":12,"featured_media":345019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[178],"tags":[],"class_list":["post-160423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/160423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=160423"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/160423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/345019"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=160423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=160423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=160423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}