a20 eZ re the washington post.friday, april 3 , 2020
the coronavirus pandemic
the Markets6 monitor your investments at washingtonpost.com/markets Data and graphics by
AMJJASONDJFMA6,8,9,
'S&P 500 IndustryGroupSnapshotIndustryGroupDaily %
Chg
-69.3% Chg % 1Yr +69.3%EnergyEquipment & Svcs 10.
Oil, Gas, ConsumableFuel 9.
Biotechnology 4.
Life Sciences 4.
HouseholdProducts 4.
WaterUtilities -5.
Airlines -4.
Automobiles -3.
DiversifiedConsumer Svcs -3.
PersonalProducts -2.$1000investedover 1 MonthBritain£
0.BloombergAMJJASONDJFMA18,24,29,
'Futures Close 1D % Chg
Copper 2.22 2.
CrudeOil 25.32 24.
Gold 1637.70 2.
NaturalGas 1.55 -2.
OrangeJuice 1.16 -2.
Futures Close 1D % Chg
Silver 14.65 4.
Sugar 10.29 2.
Soybean 8.59 -0.
Wheat 5.42 -1.
Corn 3.34 -0.CurrencyExchange2-yr note
Yield:
0.22%Bank Prime
3.25%Exchange-Traded
(Ticker) 1D % Chg
$382 $
Coffee(COFF.L) 1.
Copper(COPA.L) 1.
Corn (CORN.L) 0.
Cotton(COTN.L) 3.
CrudeOil (CRUD.L) 18.
Gasoline(UGAS.L) 16.
Gold (BULL.L) 2.
NaturalGas (NGAS.L) -3.
Silver(SLVR.L) 3.
Close7,487.
1D % Change
2.3%LIBOR3-Month
1.44%ConsumerRates1D % Change
1.7%MoneyMarketNatl
0.1-Yr ARM
3.37%Gainersand Losersfrom the S&P 1500Index
Company Close1D %
Chg
Penn VirginiaCorp 2.95 30.
DenburyResources 0.22 29.
WPX EnergyInc 3.49 26.
ProPetroHolding 2.81 26.
PDC EnergyInc 7.88 25.
MatadorResources Co 2.66 23.
CBL & Assc Prop 0.22 21.
OccidentalPetroleum 12.77 18.
BonanzaCreekEnergy13.62 17.
OasisPetroleumInc 0.34 17.
Talos EnergyInc 5.99 17.
ApacheCorp 4.69 16.
DiamondbackEnergy 29.05 15.
GulfportEnergyCorp 0.47 15.
SM EnergyCo 1.19 15.
ApergyCorp 7.04 15.
AdvanSixInc 11.54 15.
Helmerich& Payne 16.35 14.
DevonEnergyCorp 7.79 14.
TechnipFMCPLC 7.52 14.Company Close1D %
Chg
RedwoodTrust Inc 3.00 -30.
GannettCo Inc 0.97 -18.
GranitePointMtgeTrst 2.93 -18.
WhitingPetroleum 0.31 -16.
ScientificGames 7.27 -13.
ApolloCommRlEstFin 5.30 -12.
iStar Inc 7.71 -12.
ServiceProp Trust 4.59 -12.
Live NationEnt 33.95 -12.
Avis BudgetGroup 11.26 -12.
GameStopCorp 2.85 -12.
BrinkerInternational 10.10 -12.
NorwegianCruiseLine 8.40 -12.
GrubhubInc 34.82 -12.
ParkHotels& Resorts 6.50 -11.
ReadyCapitalCorp 4.95 -11.
NY MortgageTrust 1.14 -11.
LamarAdvertisingCo 39.67 -11.
Chico'sFAS Inc 1.01 -11.
DiversifiedHlthTrst 2.63 -11.5Yr CD Natl
0.5-yr note
Yield:
0.38%RATESNASDAQ COMPOSITE INDEX$1000investedover 1 Year6Mo CD Natl
0.Japan¥
107.Mexico$
24.AMJJASONDJFMA2,2,3,
'YTD % Change
-16.6%Close21,413.
New Car Loan Natl
4.Asia Pacific -24.7% +24.7%
S&P/ASX200 INDEX 5154.30 -2.
CSI 300 INDEX 3734.53 1.
HANGSENGINDEX 23280.06 0.
NIKKEI 225 17818.72 -1.Europe -29.4% +29.4%
STXE 600 (EUR)Pr 312.08 0.
CAC 40 INDEX 4220.96 0.
DAX INDEX 9570.82 0.
FTSE 100 INDEX 5480.22 0.10-yr note
Yield:
0.60%Close2,526.
Dow Jones30 Industrials
Company Close 1D %Chg Chg %YTD
3M Co 137.91 3.6 -22.
AmerExpCo 76.66 -1.5 -38.
AppleInc 244.93 1.7 -16.
Boeing 123.27 -5.7 -62.
Caterpillr 116.74 4.8 -21.
Chevron 76.12 11.0 -37.
Cisco Sys 39.80 3.8 -16.
Coca-Cola 43.95 4.3 -20.
Dow Inc 28.03 3.7 -49.
ExxonMobil 40.40 7.6 -42.
GldmanSchs 149.93 3.2 -35.
HomeDepot 181.31 1.5 -17.
IBM 110.00 4.6 -18.
Intel Corp 54.35 4.8 -9.
J&J 133.15 3.4 -9.
Company Close 1D %Chg Chg %YTDJPMorgan 87.51 3.7 -37.
McDonald's 161.50 2.1 -18.
Merck& Co 76.87 4.2 -15.
Microsoft 155.26 2.1 -1.
NIKE Inc 80.14 1.1 -21.
PfizerInc 32.87 3.5 -16.
Prcter&Gmbl 114.40 4.6 -8.
TravelersCos I 97.19 2.1 -29.
UnitedTech 86.01 -5.9 -41.
UntdHlthGr 240.44 1.3 -19.
VerznComm 55.25 4.4 -10.
Visa Inc 157.39 2.8 -16.
Walgreens 40.32 -6.3 -32.
Walmart 118.65 4.0 -1.
Walt Disney 96.97 2.2 -33.1Yr CD Natl
0.30-Yr Fixed mtge
3.86%COMMODITIES EU €
0.INTERNATIONAL STOCK MARKETS6-monthbill
Yield:
0.13%YTD % Change
-21.8%15-Yr Fixed mtge
3.30%Canada$
1.1D % Change
2.2%Note: Bank primeis from 10 majorbanks.FederalFundsrate is the market
rate, whichcan vary from the federaltargetrate. LIBORis the London
InterbankOfferedRate. Consumerrates are from Bankrate. All figuresas of
4:30 p.m. New York time.FederalFunds
0.25%Markets YTD % ChgAmericas CloseDaily
% Chg
-37.6% +37.6%
BRAZILIBOVESPAINDEX 72253.50 1.
S&P/TSXCOMPOSITEINDEX 13097.84 1.
S&P/BMVIPC 33590.62 -0.HomeEquityLoan Natl
6.STANDARD & POOR'SData and graphicsby:DOW JONES'BrazilR$
5.YTD % Change
-25.0%date.
The big Saudi and Russian pro-
duction increases were scheduled
to begin Wednesday, the begin-
ning of the second quarter. Russia
reportedly did not s tep up produc-
tion, however.
The price war, in any case, has
since been overshadowed by the
global lockdown over the novel
coronavirus, with demand for oil
dropping about 15 percent in
March and heading further down-
ward in April. Analysts agree that
has become a much bigger factor
in driving down the price of a
barrel.
Oil inventories are high, and
storage capacity in much of the
world is close to full, which was
probably a factor in the positive
response Trump said he got from
Putin and Mohammed. Without a
slowdown in production, there
would soon be nowhere to put the
oil coming o ut o f the g round.
Russian Energy Minister Alex-
ander Novak on Thursday did not
rule out the possibility of OPEC
Plus talks, which would include
the traditional grouping as well as
Russia and nine smaller oil-pro-
ducing nations. But he expressed
doubt that any agreement to coor-
dinate production would be of
much use.
Novak told Echo of Moscow ra-
dio that the oil market would im-
prove only once there was an in-
crease in oil demand, adding that
it was impossible to address thesituation merely by limiting the
production of OPEC Plus coun-
tries.
Novak said there had been no
talks between Saudi Arabia and
Russia at the level of the energy
ministries.
Russia could survive a period of
low prices, he said, even though it
would not be good for the coun-
try’s budget. He p redicted d emand
for gasoline would fall by around
40 percent in Russia in coming
weeks due to a national stay-at-
home order from Putin, extended
by three weeks Thursday until the
end of the m onth.
Neither the Saudis nor the Rus-
sians confirmed Trump’s sugges-
tion that they had agreed to cut
production by as much as 10 mil-
lion barrels a day, or about 10 per-
cent of the world’s consumption
before the coronavirus.
“It sounds too good to be true,”
said Per Magnus Nysveen, head of
analysis for the Norwegian firm
Rystad Energy. But if it should
happen, he said in a note, it could
balance the volatile oil market,
and “more normal price levels in
the s econd quarter will save the oil
industry from a complete collapse
that we thought was inevitable.
Millions of jobs directly or indi-
rectly created by the oil industry
would b e saved.”
[email protected]
[email protected]Dixon reported from moscow.BY WILL ENGLUND
AND ROBYN DIXONThe p rice of oil jumped Thurs-
day after President Trump said he
expects Saudi Arabia and Russia to
call off their price war, though the
steep collapse in global demand
for oil shows no sign o f abating.
Trump talked with President
Vladimir Putin of Russia on Mon-
day and said he had also spoken
with Mohammed bin Salman, the
crown prince of Saudi Arabia,
about the need for stabilizing the
price of oil, which has fallen about
60 percent in the past month. On
Thursday prices were up more
than 20 percent.
The president tweeted Thurs-
day:
“Just spoke to my friend MBS
(Crown Prince) of Saudi Arabia,
who s poke with President Putin of
Russia, & I expect & hope t hat they
will be cutting back approximately
10 Million Barrels, a nd maybe sub-
stantially more which, if it hap-
pens, will be GREAT for the oil &
gas industry!”
Dmitry Peskov, the Kremlin
spokesman, said Putin had not
spoken with the Saudi prince,
though Putin told a cabinet meet-
ing Wednesday he had been in
talks with “our partners in OPEC,”
the RIA Novosti news agency re-
ported, referring to the Organiza-
tion of the Petroleum Exporting
Countries.
“A nd of course, the drop in pric-
es for our main export goods is
very significant, serious, deep. We
are d iscussing this with colleagues
both here, domestically, and inter-
nationally with our partners in
OPEC, and most recently I dis-
cussed this issue with the presi-
dent of the United States,” Putin
said at t hat meeting.
The Saudi Press Agency report-
ed Thursday that the kingdom is
calling for “an urgent meeting for
OPEC+ group and other coun-
tries,” which would include Rus-
sia, “with aim of reaching a fair
agreement to restore the desired
balance of oil markets.”
The appeal, i t said, “comes with-
in framework of the Kingdom’s
constant efforts to support the
global e conomy in this exceptionalOil soars after Trump
says Saudis, Russians
could call o≠ price war
BY THOMAS HEATHU.S. stocks vaulted to big gains
Thursday on word that Saudi
Arabia and Russia may slash
crude output by 10 million bar-
rels a day. The cuts could chart a
path toward restoring the
h ardest-hit sector of the econo-
my, and the news came as mar-
kets were digesting bitter unem-
ployment numbers.
The Dow Jones i ndustrial aver-
age soared more than 500 points
Thursday shortly after President
Trump told CNBC that Russia
and Saudi Arabia had agreed to
consider significant production
cuts. Trump said he had spoken
with Russian President Vladimir
Putin and Saudi Crown Prince
Mohammed bin Salman about
the need to stabilize oil prices,
which have fallen roughly 60
percent in the past month.
But the feel-good vibe out of
Trump’s oil meetup was tempo-
rary. Stocks bounced around for
much of the rest of the session
before landing at a healthy ad-
vance at the close. The blue-chip
index picked up 470 points, or
2.2 percent, to finish at 21,413.
The Standard & Poor’s 5 00
climbed 56 points, or 2.3 percent,
to settle at 2,527. The Nasdaq
composite got a 1.7 percent
bump, or 127 points, to end at
7,487.
Energy stocks tempered initial
gains but still got a 9 percent lift
on the day, which was nearly
three times better than the sec-
ond-place finisher, utilities. Oil
prices rocketed 25 percent,
notching their best day ever. U.S.
oil giants Chevron and ExxonMo-
bil advanced 11 percent and
7.6 percent, respectively, and
were the best Dow performers by
far. Europe’s big oil companies
benefited too, with Royal Dutch
Shell, BP and France’s Total fin-
ishing strong.
In recent years, the energy
sector has shrunk as a portion of
the overall economy, losing
ground to technology and health
care. But its role as a huge
employer and a producer of oneof the most important commodi-
ties on the planet gives it a
crucial role in the daily life of
Americans.
“This glimmer of hope in oil
prices is being fully embraced by
the oil and stock markets,” said
John Kilduff of Again Capital.
“But it’s still a steep climb before
any of this pans out in improved
outlook for any of the markets.”
Early in the day, the Labor
Department delivered a dismal
update on the coronavirus reces-
sion: A record 6.6 million people
filed for unemployment benefits
last week. That was twice the
number of the week before and
the worst labor news since the
Great Depression. Nearly 10 mil-
lion people have filed for unem-
ployment in the last two weeks.
The unemployment report va-
porized 300 points from the Dow
in 10 minutes, sending the blue
chips into negative territory and
launching stocks on another wild
ride.
Two hours later came Trump’s
tweet with the prospect of oilrelief through higher prices. The
president finds himself in the
awkward position of asking the
Saudis to limit production in
order cut into the glut that has
slashed oil prices. In the past,
Trump has pressed the Saudis to
pump more oil to safeguard low-
er prices at the fuel pump.
Diminished demand due to
the economic slowdown caused
by the novel coronavirus coupled
with increased supply from Rus-
sia, Saudi Arabia and the United
States pumping oil like mad has
driven the commodity’s price so
low that almost no one can make
a profit. Some experts say the
world is pumping a surplus of
20 million barrels of oil per day
with no place to put it.
On Twitter, Trump wrote: “Just
spoke to my friend MBS (Crown
Prince) of Saudi Arabia, who
spoke with President Putin of
Russia, & I expect & hope that
they will be cutting back approxi-
mately 10 Million Barrels, and
maybe substantially more which,
if it happens, will be GREAT forthe oil & gas industry!”
Energy’s performance helped
European stock markets post
gains across the board. Britain’s
FTSE 100 edged up 0.5 percent,
while the German DAX and the
French CAC 40 moved up about
0.3 percent. The benchmark
Stoxx 600 climbed 0.4 percent.
Asian markets were mixed, with
Japan’s N ikkei 225 down 1.37 per-
cent while Hong Kong’s Hang
Seng climbed 0.9 percent and
Shanghai’s composite rose
1.7 percent.
Stocks have declined in three
of the past five sessions and are
way off their all-time highs as the
nation heads into what Trump
has warned “could be a hell of a
bad two weeks.” The White
House projected Tuesday that as
many as 240,000 Americans
could die of the coronavirus. The
pandemic has upended business
and social life as people a re being
told to stay home to slow its
spread. The total number of coro-
navirus cases across the globe
surpassed 1 million Thursday.The 10 million Americans who
filed for unemployment benefits
in the past two weeks erases
nearly all the jobs created in the
past five years. The job losses are
wide in scope, touching indus-
tries from retail and travel to
professional services and manu-
facturing. And the numbers will
grow: Economists expect that
40 million people will be out of
work by mid-April.
Despite the $2 trillion relief
package passed last week, Wall
Street mavens are nearly unani-
mous in their thinking that the
economy is going to get worse.
“With much of the positive
news from policymakers behind
us for now, we expect grim news
to dominate the headlines in
coming weeks,” said economist
and portfolio strategist Lauren
Goodwin of New York Life Invest-
ments in a note Thursday. Equity
investors “are realizing that we
may be near a peak in global case
growth, but that does not mean
we are near the end of the crisis.”
[email protected]U.S. stocks shoot up on oil news after e arly blow from unemployment report
circumstance, and in appreciation
of [the request by] President Don-
ald Trump of the United States of
America.”
The Saudis and Russians an-
nounced in early March that they
would be stepping up production
by as much as 3 million barrels a
day, d riving down t he price of oil in
a way that caused American shale
producers the most damage be-
cause their costs are h igher.
Trump at first welcomed the
lower prices as a boost to the
economy, but by Monday he had
turned around and told Fox News
he wanted t o prop them b ack up tosome extent. U.S. oil producers
have been b roadcasting their p ain,
laying off workers a nd cutting c ap-
ital expenses; some have called for
tariffs on imported oil.
In Washington, the Energy De-
partment announced Thursday
that it would store 3 0 million addi-
tional barrels of oil in the Strategic
Petroleum Reserve, thus taking
them off the market. The depart-
ment does not have the authoriza-
tion to buy the oil but said it was
making the space available to pri-
vate companies.
It said it plans to take an addi-
tional 47 million barrels at a laterDaniel acker/bloomberg
Fuel pumps stand empty at a Phillips 66 gas station in Princeton,
Ill. Demand for petroleum has plunged because of the coronavirus.