Wednesday’s Headlines: The Government Finally Reaches A Bill Agreement
1. Stock futures were positive in early Wednesday morning trading as the White House and Senate reached a deal on a $2 trillion coronavirus stimulus bill. The Dow Jones Industrial Average rose 239 points, pointing to a gain of about 262 points at the Wednesday open, with both the S&P and Nasdaq also looking at opening gains. This comes after a historic rally on Tuesday which saw the Dow soar more than 11%, notching its biggest one-day percentage gain since 1933 and its best point increase ever, while the S&P rallied 9.4%. Get the complete report here.
2. Shares in Facebook rose close to 9% on Tuesday, even after the social media giant’s announcement that its ad business was weakening. Despite an increase in engagement on some of its platforms in places hit hardest by the virus, it’s also seeing a weakening in its ads business in countries taking actions to reduce the spread of COVID-19. Facebook’s announcement comes one day after Twitter withdrew its revenue and profit forecast for the first quarter as well as its outlook on costs for the full year due to weakening ad revenue. Read the full story here.
3. Ford Motors stock saw a welcome rally of 23% on Tuesday after announcing a partnership with General Motors to aid in combating the coronavirus. The two long-time rivals will also work with conglomerate 3M to speed up the production of ventilators, face masks, and face shields for workers on the front lines of the war against COVID-19. Ford and 3M are also working on more of 3M's powered air-purifying respirators, with production possibly taking place in Ford’s Michigan factory. Get the full story here.
Here are the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️