United States stocks opened on a positive note on Monday’s trading session following news that New York City plans to lift lockdown from early May.
According to Bloomberg News, the Mayor of the city said construction and manufacturing would reopen first while other businesses would reopen based on how essential they are.
At the opening bell, the Dow was up 0.55%, Nasdaq 100 rose 0.88% and the S&P 500 rose 0.78%.
Corporate News
General Motors announced plans to suspend its quarterly cash dividend and share purchase program as it aims to preserve its cash position in a bid to weather the current crisis.
“We continue to enhance our liquidity to help navigate the uncertainties in the global market created by this pandemic,” said GM Chief Financial Officer, Dhivya Suryadevara. “Fortifying our cash position and strengthening our balance sheet will position the company to create value for all our stakeholders through this cycle.” reads the firm’s press release on its website.
Boris Back To Work
UK Prime Minister Boris Johnson returned to work after recovering from coronavirus.
However, he warned that the country was at a maximum risk if they lift the lockdown and “suggested restrictions would need to remain in place for the time being in to avoid a second peak of infection.” The UK’s lockdown measures are due to be reviewed again by May 7 according to CNN.
Oil Losses Continue
Oil prices extended losses on Monday with West Texas Intermediate (WTI) slumping nearly 30% as the coronavirus pandemic caused a fall in demand for oil.
At 9:28 am Eastern Time, WTI for deliveries in June fell 28.57% to $12.11 per barrel, while Brent (June) fell by more than 8% to $19.70.
