Stock market live updates: Dow drops 200, Tesla jumps 3%, best month since 80s

— was unnerving for investors in the sector. The stocks of both Exxon and Chevron sagged Thursday morning after a week of gains. Both majors report earnings Friday, and dividend comments will be closely watched. Shell cut its dividend 66% to $0.16 per share. Its stock plummeted more than 11%. With energy stocks under pressure with this year, Exxon's yield is 7.4% and Chevron's was at 5.5%.

Overall consumer spending fell 7.5% in March, the steepest decline in records that go back to 1959. Within that number, spending on services fell by 9.5%, the worst ever for a sector that was about 69% of consumer spending in February. Consumers make up about 67% of the economy. The worst decline previously was a 1.3% drop in services spending in September, 2001 after 9/11. The number was barely negative during the Great Recession, with a 0.3% decline in February, 2009.

"There's nothing close. It's the worst in history," said Diane Swonk, chief economist at Grant Thornton. While Americans stopped spending, they also saved more — 13.1% of their income. The savings rate in March was the highest since the 17.3% in May, 1975 and rivals the level in the early 1980s recession, she said.Strategist Michael Shaoul pointed out in a note the S&P 500 is facing resistance around the 3,000 level after the average's relentless rally this month.

, bringing the total number to more than 30 million in a six-week period. The jump in unemployment claims wiped out the job gains made since the financial crisis as businesses are forced to shut down due to the coronavirus pandemic. "Bottom line … it's like banging your head against the wall and then having a headache," said Peter Boockvar of Bleakley Advisory Group in a note. "We don't need to analyze why you have a headache, only how long it lasts.

Kellogg's used to be a family business (good for America family tradition) so we are throwing all our cereal in the trash right now if they sold out to Mr CARINLANE

This morning has been very insightful into the supply chain.

It's fortified and lasts a long time.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market live updates: Dow drops 300, jobless claims top 30 million, best month since '74?U.S. equity futures were lower on Thursday as market participants digested strong technology earnings and another round of dismal jobless claims. BULLISH BRO, BAD NEWS = PUMP Hope this will end soon and life being back to normal Does this mean that people are saving 5.5% more of their income now? That has to at least be good news for personal finances.
Source: CNBC - 🏆 12. / 72 Read more »

Stocks fall, Dow snaps 4-day winning streak as big tech shares slideThe Dow snapped its four-day winning streak as big tech shares slid. Here's how the major averages performed: - The Dow dropped 32 points. - The S&P 500 fell .52%. - The Nasdaq lost .4%. 1.4% actually
Source: CNBC - 🏆 12. / 72 Read more »

Here are Wall Street's favorite stocks in the Dow right nowNew for subscribers: Here are Wall Street's favorite stocks in the Dow right now Check out CNBCPro for a free trial.
Source: CNBC - 🏆 12. / 72 Read more »

Stocks Rally, Dow Up 400 Points After Gilead Treatment Shows ‘Positive Data’The market got a boost from news of a potential treatment for coronavirus. so there was no need to drop the interest rate to 0?
Source: Forbes - 🏆 394. / 53 Read more »