Stocks claw higher worldwide; oil prices crawl off the floor

Even the oil market gained ground. Prices for crude have been turned upside down because of how much extra oil is sloshing around following a collapse in demand. U.S. oil jumped 25% after President Donald Trump threatened the destruction of any Iranian gunboats that harass U.S. Navy ships, raising the possibility of a disruption to oil supplies.

"This has been a tremendously good reminder that the stock market is a forward predictor," said Andrew Slimmon, managing director and senior portfolio manager at Morgan Stanley Investment Management. Energy stocks jumped to the market's biggest gains, riding the ripple of strengthening oil prices. Halliburton jumped more than 10%, while Diamondback Energy and Apache both added more than 6%. All three, though, remain down more than 60% for the year so far.

Stocks of companies that have been winners in the new stuck-at-home economy, meanwhile, are also telling investors just how much they've been benefiting. Toilet paper has also been hugely in demand, and the maker of Cottonelle said its sales benefitted in the first three months of the year as customers stocked up on that and Kleenex tissue, among other items. But shares of Kimberly-Clark flipped between gains and losses after it retracted its financial forecasts for 2020 given how uncertain the global economy is due to the COVID-19 outbreak.

The new bill would come on top of more than $2 trillion in aid that Congress has already approved. That, plus massive support for markets from the Federal Reserve, have helped the S&P 500 to rise more than 24% since a low in late March. The index has roughly halved its loss from its record set in February, which at one point was roughly 34%.

And politicians crawl out of their holes wondering what happened with the economy within weeks by a microscopic virus.

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