1) Oil hits its highest for 2019 as demand outlook improves, spurred on by positive manufacture PMI numbers for China and US, both the worlds largest economies. This caused US stocks to rally, in addition to China-US trade talks continuing. Additionally, OPEC has cut it’s production while sanctions on Iran and Venezuela add to pushing oil prices up.
2) The breakfast cereal company Kellogg is selling several of its brands for $1.3 billion dollars, divesting itself of its cookies and sweet brands as sugary fast foods seemed to be on the decline. Brands being sold include Keebler cookies as well as Mother’s and Famous Amos cookies. The Italian confectionary company Ferrero will acquire six manufacturing plants in the US from the deal.
3) The low cost Iceland air carrier WOW Airline, which started up in 2012, suddenly collapsed fiscally leaving an estimated 10,000 people stranded. The airline abruptly ceased operations by repeatedly delaying flights for hours on end, until finally announcing that all flights were canceled and customers would have to make other arrangements on their own. There had been rumors for the last several months of a possible sale of WOW Airline.
4) 1 APR 19 Stock market closings:
Dow 26,258.42 up 329.74
Nasdaq 7,828.91 up 99.59
S&P 500 2,867.19 up 32.79
10 Year Yield: up at 2.50%
Oil: up at $61.77