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Wall Street rises 2% led by the oil companies and despite dire unemployment data

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Wall street is up 2% (Dow Jones: + 2.24%; S&P 500: + 2.28%; Nasdaq: + 1.72%) led by the high of oil companies and after closing on Wednesday with falls of more than 4%. And it has done so after knowing the new weekly unemployment data. Initial jobless claims in the US have doubled to 6.6 million in the week of March 27, a figure that represents a new record and that has exceeded analysts' worst expectations, which ranged from 4 and 5 million.

"The current number of United States jobless claims can literally be the worst economic data of all time, in terms of its importance both for the US economy and for global markets, "say analysts at Monex Europe.

For his part, continuous unemployment requests have risen to 3.02 million from 1.78 million in just one week. Berenberg experts recall that, during the Great Recession of 2008Ongoing requests rose to 6.6 million from 3.9 million, but over 18 months.

OIL BOUNCES FORCE

The other great protagonist of the day has been the Petroleum. The crude West texas It has shot up 21%, to almost $ 25, thanks to Trump. The President of the United States has assured that, after being in contact recently with two of the major oil exporters, Russia and Saudi Arabiawait for a ceasefire "in the coming days" and a cut production between 10 and 15 million barrels.

Black gold has risen by 30%, although it has reduced its advance when the Kremlin has denied that President Putin had spoken to the Saudi crown prince and that a new agreement had been reached to cut production.

In any case, the oil companies have rebounded violently. Chevron It has shot up 11% in the Dow Jones, followed by ExxonMobil (+ 7%). In the S&P 500, Occidental Petroleum it has rebounded 18% and Apache 16%.

Trump weighed on the markets this Wednesday by anticipating "two very painful weeks in the US". Given this, the US stock markets started the second quarter of the year in the worst possible way.

In turn, the president of the Boston Fed, Eric Rosengren, acknowledged this Wednesday that Congress should launch more stimuli in addition to those already announced. "Unemployment will rise dramatically in the next two months"he warned, adding that the economic damage will not be repaired until the virus is controlled.

OTHER MARKETS AND ANALYSIS OF THE S&P 500

He euro depreciates 1% and changes to $ 1.0853 and the profitability of 10-year American bond falls to 0.62%. For his part, the VIX volatility index it falls 11% to 51 points, after setting a new record high at 85.47 points a few sessions ago.

And by technical analysis, the S&P 500 lost in mid-March the 200-session weekly simple moving average and has subsequently rebounded to that level. "We have the world's leading index at potential resistance levels: 2,645-2,650 points," he explains. José María Rodríguez, analyst at Bolsamanía.

"The danger at the moment is that the rebound is part of what is a 'pull back' to the new resistance zone (formerly support) from there take a run again downwards with a first target of falling in annual minima (2,191); and be very careful with drilling them because then we would see a new bearish lash, "adds this expert. The index has closed at 2,526 points.

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