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6.6 million jobless claims filed last week as coronavirus escalates

Yahoo Finance’s Jared Blikre breaks down today’s latest market action. He joins the On The Move panel to discuss.

Video Transcript

ADAM SHAPIRO: And welcome back to Yahoo Finance. As we watch this rally on Wall Street, we want to understand what's driving it, and Jared Blikre does that for us. Jared.

JARED BLIKRE: Yeah, we've got a broad-based rally underway. We can see the Dow is up over 400 points. NASDAQ is up about 0.8%. It is a laggard. Tech underperforming today. And the S&P 500 up nearly as much as the Dow, about 1.7%, 1.8%.

And here is the intraday price action. You can see it was kind of a gap-and-go day. Still holding these intraday lows that we have right here.

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And let's take a look at the week that almost was. We got 12 plus percent in the last four days of this week here so far. Got to stay tuned for the close, but not bad. Also going to check out the Russell 2000. That has been outperforming this week. That's up over 17%. And we also have-- look at the 10-year T-note yield. That is up-- or down three basis points today. It had been up a little bit earlier.

And we've got to take a look at crude oil because that has been a roller-coaster ride. Lots of misinformation and information about the OPEC plus meeting that is being held on a virtual basis. They're looking for 15 million barrels per day in production cuts, but not sure they're going to get that. The market is kind of doubting that, although it still is up about 3% today. Adam.

ADAM SHAPIRO: All right. Thank you very much, Jared Blikre. As we head toward [? 12:00 ?] noon hour here at Yahoo Finance, stay tuned. We've got Diane Swonk, the chief economist at Grant Thornton, going to talk about these incredible jobless numbers. The initial claims for unemployment again over 6 million. More right after this.