Dow gains despite falling oil prices

After days of turbulence, Wall Street has settled down
Posted at 6:09 PM, Mar 30, 2020
and last updated 2020-03-30 21:10:14-04

The rising death toll from COVID-19 didn't slow down Wall Street Monday as all three major indices saw gains of more than three percent.

Johnson & Johnson was the big winner, surging eight percent on news it hopes to begin testing a coronavirus vaccine in September.

The Dow gained 3.2 percent while the S&P 500 picked up 3.4 percent. The NASDAQ composite boosted its value by 3.6 percent.

Despite overall gains energy stocks lost big as oil prices crashed Monday. US crude plunged nearly seven percent and finished at an 18-year low of $20.09 a barrel all as the coronavirus pandemic continues to deal a devastating blow to energy demand.

Throughout the day, oil touched $19.27 a barrel, the weakest intra-day price since February of 2002.

Brent crude, the world's benchmark, tumbled as much as 13 percent and fell to as low as $21.65 a barrel, its lowest point in 18 years. Brent ended the day at $22.76 a barrel, the lowest close since November of 2002.

The lowest local price of gas being reported as $2.45 a gallon at an On the Go food store on river boulevard in Northeast Bakersfield.