With news that the virus could just be levelling off in some places?
Investor’s did some buying….
The bullish sentiment was driven by a number of factors:
- While the White House acknowledged this week could be among the toughest for coronavirus hot spots like New York, the administration had a more optimistic tone overall at a press conference on Sunday, noting signs of stabilization in hospital rates and other factors.
- New York State reported 594 new coronavirus deaths on Sunday, fewer than 630 on Saturday, marking the first daily decline in coronavirus-related deaths, according to Governor Andrew Cuomo.
- Slowing death rates in Europe offered up some hope that the U.S would be nearing its peak soon as well and that social distancing measures are working.
- Oil cut its losses after Russia’s sovereign wealth fund chief said that Russia and Saudi Arabia were very close to a deal on production losses.
“Incoming data suggests NY state might peak sooner than Cuomo’s optimistic case,” Tom Lee, head of research at Fundstrat, said in a note to clients. “With better visibility on the healthcare crisis in the US, particularly, on a potential to model a national peak, we believe buyers are now taking control.”…
Stock market closed -26.13 for today Tuesday April 7, 2020….
Yo-Yo reality check , eh?
Today...
Wednesday April 8, 2020….
The Dow Jones industrial average shot up nearly 800 points, or 3.4 percent. The Standard & Poor’s 500 index and Nasdaq composite also soared…
Stock Market closed UP +779.71 points.today…
There are contouring hints that the virus has peaked as predicted around this or next…
In addition….
Forecasting model’s keep revising the total expected deaths for the year….
The White House and even the NYC major are talking about dropping some virus restrictions….
Of course the market tends to yo-yo up/down during each week…