Year: 2020

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Stocks Sink With U.S. Futures; Crude Oil Higher: Markets Wrap

April 24, 2020 admin Comments Off on Stocks Sink With U.S. Futures; Crude Oil Higher: Markets Wrap

(Bloomberg) — Asian stocks slipped Friday as investors weighed signs of progress in the fight against the coronavirus against data showing the severity of the impact on economies. Oil climbed back above $17 a barrel.Japanese shares dipped along with those in Hong Kong and Korea, while Australian equities edged higher. S&P 500 contracts fell after the index erased a 1.6% gain in Thursday’s session to end little changed. Gilead Sciences Inc.’s antiviral drug remdesivir was reported to have flopped in its first randomized clinical trial, though the company disputed that characterization. Treasuries added to gains and the dollar was little …read more […]

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Oil Almost Back to Where It Started Week After Plunge Below Zero

April 24, 2020 admin Comments Off on Oil Almost Back to Where It Started Week After Plunge Below Zero

(Bloomberg) — After a dramatic few days that saw oil prices plunge below zero for the first time in history, crude continued to claw back losses and was on track to close out the week not far from where it started.Futures in New York rose for a fourth day to above $17 a barrel, paring their loss for the week to around 6%, as attention shifted to output cuts in response to the demand destruction caused by coronavirus lockdowns. U.S. operators have already started to shut in old wells and halt new drilling, actions that could reduce output by 20%, …read more […]