[Chart courtesy of MarketWatch.com] Moving the markets An early 400-point gain in the Dow got cut in half, but at least all three major indexes managed a green close. Jobless claims jumped by “only” 3.2 million in early May, which traders viewed as a slowing in job losses with some States now beginning to reopen their economies. The reality is …
Dumping Into The Close
[Chart courtesy of MarketWatch.com] Moving the markets It was a tug-of-war throughout the session, as an early rally died on the vine with two of the three major indexes diving into the red during the last 30 minutes. The exception was the Nasdaq, which managed to stay above the unchanged line but had to give up more than 50% of …
Optimism Reigns
[Chart courtesy of MarketWatch.com] Moving the markets An early rally got cut in half by the end of the session, when Fed Vice chairman Clarida opined that more support for the economy was needed, but he expects a rebound by next quarter, despite the current massive drop in unemployment and GDP. He noted: “More policy support will be needed from …
Trying To Find Some Footing
[Chart courtesy of MarketWatch.com] Moving the markets After a couple of down days in the equity markets, a bounce-back was in order, although the conditions were not favorable. Sunday’s news that Warren Buffett had sold all his airline stocks took a toll on the futures markets, which subsequently translated into a weak opening. The major indexes spent most of the …
Closing A Strong April With A Whimper
[Chart courtesy of MarketWatch.com] Moving the markets After rallying all month, the major indexes stalled today, but were able to wipe out most of March’s losses for the buy-and-hold crowd with the S&P 500 sporting its best monthly return since 1987. Of course, as we know, the rebound was entirely based on Fed support, as the markets were swamped with …
Jolting Bullish Sentiment
[Chart courtesy of MarketWatch.com] Moving the markets Bullish sentiment got an early boost this morning after Gilead Sciences reported that a government clinical trial, designed to evaluate its experimental drug remdesivir in Covid-19 patients, had met the study’s main goal. Hopes were high for progress towards a successful treatment. That news was good for an initial 350-point jump in the …