[Chart courtesy of MarketWatch.com] Moving the markets Global stocks and US equity futures leaped as a result of Trump signing the $2.3 trillion spending package, while euphoria reigned supreme in the UK, as a last-minute trade deal with the EU was signed. Here’s CNBC: Trump signed a $900 billion Covid-19 relief bill into law, averting a government shutdown and extending …
Fading Into The Close
[Chart courtesy of MarketWatch.com] Moving the markets The futures already whipsawed on Trump’s decision to return the stimulus bill to Congress, as it contained billions in unacceptable pork expenditures. The initial drop quickly reversed and, by the time the regular session opened, the major indexes were already in rally mode, except for the Nasdaq, which lagged all day. However, a …
Running Out Of Steam
[Chart courtesy of MarketWatch.com] Moving the markets For the 3rd day in a row, the S&P 500 meandered aimlessly and ended up in red territory again but by a modest amount. Even the arrival and passing of the long-awaited Covid stimulus deal could not generate any buying enthusiasm for the major indexes. However, the Nasdaq bucked the trend, but was …
Purging And Surging
[Chart courtesy of MarketWatch.com] Moving the markets An early 400-point drop in the Dow, caused by fears about a new Covid strain, created a deep hole for the markets but, as if by magic, a sudden turnaround materialized. The major indexes reversed with the Dow completing a trading range of some 800 points. It appears that the $900 billion agreed …
Stimulus Expectations Pump Markets
[Chart courtesy of MarketWatch.com] Moving the markets Traders and algos were in a buying mood based on continued hopes that a stimulus deal will be agreed upon before the end of 2020. This enthusiasm has been the main driver with congressional leaders homing in on a $900 billion package that would include direct payments to individuals. Even worsening Initial Jobless …
Slipping, Sliding And Bouncing
[Chart courtesy of MarketWatch.com] Moving the markets After some aimless meandering early on, the major indexes found some footing, because of Fed’s latest promise to keep supporting the economy with whatever means necessary. Added CNBC: The U.S. central bank said it will buy at least $120 billion of bonds each month “until substantial further progress has been made toward the …