Stocks rose for the first time in three days on Wednesday as crude prices stabilized.
 | WED, APR 22, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | MSFT | 173.52 | +5.70 | +3.40% | | AAPL | 276.10 | +7.73 | +2.88% | | XOM | 42.13 | +1.17 | +2.86% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | UAL | 25.88 | -2.00 | -7.17% | | GE | 6.43 | -0.05 | -0.77% | | AAL | 10.27 | -0.73 | -6.64% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | UAL | 25.88 | -2.00 | -7.17% | | AAL | 10.27 | -0.73 | -6.64% | | AMD | 55.92 | +3.00 | +5.67% | |
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Stocks rebounded on Wednesday as oil prices took a turn for the better following a record crash the resulted in negative crude futures prices earlier in the week. As June futures rose for both West Texas Intermediate and Brent crude, so did stocks of energy companies, including Halliburton, Diamondback and Noble Energy. Meantime, a popular exchange-traded fund that holds oil futures contracts, the United States Oil Fund, or USO, is attempting to recover from a loss of more than 70% this year with a 1-for-8 reverse stock split. Such a move is a cosmetic change, writes CNBC's Pippa Stevens, that doesn't alter the overall value of the fund.  The coronavirus pandemic has destroyed oil demand and weak prices are crushing U.S. oil producers. A world that once feared peak crude is now faced with peak storage capacity for oil. CNBC's Patti Domm writes that the U.S. energy sector has cut output by about 900,000 barrels of oil per day as producers shutter wells and the nation's rig count falls. "This is just the beginning of what will likely be steep cuts," said John Kilduff, partner at Again Capital. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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