Top Things to Know in the Market on Tuesday, April 28th

• 2020-04-28
• Traiding Idea

Dow up 350 pints, retakes 24,000

US equities jumped on Monday as the possibility of reopening the economy boosted investor sentiment for more risky assets.

The Dow Jones industrial average gained 358.51 points, or 1.51%, to close at 24,133.78.

The S&P500 closed 41.74 points higher, or 1.47%, at 2878.48.

The Nasdaq composite surged 95.64 points, or 1.11 %, to 8730.16.

Boeing CEO said air travel recovery could take two to three years.

Boeing CEO Dave Calhoun told shareholders on Monday that demand for air travel would take two or three years to recover to last year's level.

"We are in an unpredictable and fast-changing environment, and it is difficult to estimate when the situation will stabilize," Calhoun said at a meeting of the company's shareholders. "When it does, the commercial market will be smaller, and our customers' needs will be different."

The coronavirus pandemic has caused air traffic in the United States to drop 95% compared to last year. In the UK, air traffic has dropped by 90%.

Japan's jobless rate rose to its highest level in a year.

Japan's jobless rate rose to a one-year high in March, while job availability fell to a three-year low.

Japan's unemployment rate rose to 2.5% this month, and the jobs-to-applications ratio fell to 1.39.

While Japan's unemployment rate may be low compared to other major economies in the world, it could put more pressure on the country's prime minister, Shinzo Abe, to inject more stimulus into the Japanese economy.

The Japanese government has so far approved a 108 trillion yen ($ 990 billion) stimulus package, or 20 % of Japan's economic output, to support the economy.

The state of emergency is in place in the seven regions of the country, including Tokyo and Osaka, until May 6 to combat the coronavirus.

In Asian stock markets, Japan's benchmark Nikkei 225 declined 0.19% and closed at 19,745.33.

The Hang Seng in Hong Kong soared 0.52% to 24,405.30.

China's Shanghai Composite jumped 0.91% and ended at 3,857.50.

In Australia, the S&P/ASX 200 index lost 0.56% to 5,291.90.

Among other major Asian indices, TOPIX (Tokyo Stock Price Index) was up.

Oil drops 15%, extending Monday's 25% decline. 

Oil prices fell 15 % in early trading on Tuesday morning, extending Monday's nearly 25% decline as fears continued that storages around the world would fill up quickly.

West Texas Intermediate fell 15.3 %, or $ 1.96, to settle at $ 10.82 a barrel.

International benchmark Brent crude plunged 3.8 % to trade at $ 19.23 per barrel.

On Monday, WTI slid 24.56 %, or $ 4.16, to close at $ 12.78. Brent crude fell 6.76% to settle at $ 19.99.

According to some analysts, the Coronavirus pandemic has erased more than a third of the global demand for oil, which has pushed oil prices to their lowest level in history.

European stock markets

In the European stock market, indices performed well.

In London, the FTSE 100 index climbed 1.64 % and closed at 5,846.79. 

French CAC 40 index advanced 2.55 % to closed at 4,505.26.

Also, Germany's DAX 30 index surged 3.13 % to 10,659.99.

In Spain, the IBEX 35 index rose 1.78% to 6,731.80.