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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Premarket: Oil crash hits world stocks, U.S. dollar gains as investors shun riskPremarket: Oil crash hits world stocks, U.S. dollar gains as investors shun risk GlobeInvestor
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Oil prices keep crumbling, stocks around the world tumbleThe people are returning to greener ways and there was very pollution when they were using vehicles and taking petrol at high prices now they want to live in this air where not only they bit the birds are taking a breathe of oxygen... And yet at the pump no change the prices still at the old price. Gas in my area has risen 12 cents/liter in my area in the past 2 weeks. 64.9 cents. now 76.9 cents/liters. Keeps going up.
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Oil price goes negative as demand collapses; stocks dipOil futures plunged below zero for the first time on Monday as demand for energy collapses amid the coronavirus pandemic and traders sought to avoid owning crude with nowhere to store it. 👀 -$38 So they’ll pay me to take some? Well, congratulations, world wide movement of zero fossil fuels helmed by Gredo the Gremlin, your wishes have come to fruition.
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Premarket: Brent slumps to 1999 lows, European stocks clamber higherPremarket: Brent slumps to 1999 lows, European stocks clamber higher GlobeInvestor
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Oil market turmoil sends Asian stocks spirallingBenchmarks in Tokyo, Hong Kong and Southeast Asia retreated As expected.
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Asian stocks mixed after Wall St hit by oil market turmoilAsian stock markets were mixed Wednesday as oil prices edged lower amid anxiety about the coronavirus pandemic's mounting economic damage. mixed with what
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