US stocks rise as House passes nearly $500 billion relief package, oil rebounds
US stocks rose slightly Friday as investors assessed the $484 billion coronavirus relief package passed in the House on Thursday evening, Business Insider reported.
The additional bill includes $321 billion for the exhausted Paycheck Protection Program, as money for economic disaster loans for small businesses, emergency relief for hospitals, and additional coronavirus testing.
Oil markets rebounded after West Texas Intermediate crude for May delivery fell into negative territory Monday for the first time ever. Since, both WTI and Brent crude — the international benchmark — have pared some losses.
"There is little in the way of fundamental developments to support the move higher, although given the amount of weakness recently, we were due a relief rally," wrote ING's Warren Patterson in a Friday note. Prices have also been supported by renewed tension between the US and Iran, he said, but will likely be short lived unless there is further escalation.
Investors also looked to companies reporting first-quarter earnings, the first reports to show early impact of the coronavirus pandemic on business. Shares of Verizon rose nearly 1% in early trading on an earnings before erasing gains. Intel stock fell 2% after the company announced a second quarter guidance below analyst expectations in its earnings release.