After the U.S. Senate passed the $2 trillion coronavirus stimulus deal and despite record-setting jobless claims, Apple stock rallied and the Dow Jones Industrial Average jumped more than 1,200 points in trading on Thursday at midday.
Late Wednesday, the U.S. Senate passed the $2 trillion stimulus plan, sending it to the House of Representatives. A vote there is scheduled for Friday. Per CNBC, Treasury Secretary Steven Mnuchin said coronavirus stimulus checks will arrive within three weeks.
Dow Jones stock Apple rallied 3% in today’s stock market, while Boeing jumped another 15%. Micron Technology advanced about 5% on strong quarterly results, while FANG stock Amazon moved up 1.5%.
The recent coronavirus stock market crash remains at bear market levels — with benchmarks more than 20% off their 52-week high. According to IBD’s The Big Picture, the stock market outlook remains “in correction” due to the extreme volatility in the major stock indexes. Investors should be in cash, avoid new buys on breakouts, and create a watchlist of top stocks to prepare for a future stock market uptrend.
According to Wednesday’s Big Picture, yesterday was day three of a potential rally attempt for the Nasdaq composite. A potential follow-through day — the green light to start buying stocks — can occur as soon as today.
MacDailyNews Take: Apple’s Mac sales during this work-from-home due to the coronavirus period may surprise analysts and investors.