Dow rises as markets open, continuing upward trends of last week's trading
Dow and S&P rise modestly, oil demand and prices continue to fall.
March 30, 2020 - 9:38am
The Dow Jones Industrial Average gained 203 points as markets opened Monday morning. The S&P 500 rose 1.3%.
U.S. futures were up-and-down this morning, as the Dow and S&P 500 came off a good trading week. Last week, investors drew confidence from seeing Congress pass and President Trump sign the record breaking, $2.2 trillion economic stimulus package.
European markets were broadly in decline on Monday, having taken their cues from Asian markets, which dipped earlier in the day.
Oil prices continue to decline as demand declines amid a pricing war between Russia and the Kingdom of Saudi Arabia. U.S. oil benchmarks briefly dipped below $20 a barrel this morning. On Friday, Saudi Arabia released a statement saying that they were not currently engaged in talks with Russia to resolve the pricing conflict.
There is some concern that a surplus of oil caused by low demand may soon overwhelm oil storage facilities. Companies would then have to consider shutting down their wells.
Though debate won't begin until at least mid-April, Congress is purportedly already drafting plans for another spending package to prevent the U.S. from plunging into a full recession depression.
Trump announced on Sunday that social distancing practices from the Centers from Disease Control and Prevention have been extended until April 30.
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