Posted on 06/17/2020 2:38:20 PM PDT by SeekAndFind
Stocks cut earlier gains, and the S&P 500 and Dow turned negative, after new data showed further spikes in coronavirus cases in some densely populated U.S. states.
Texas’s virus hospitalizations jumped 11% in 24 hours, according to the state, marking the largest one-day jump since the beginning of the month. The state has in recent days been battling a resurgence in new and serious cases of the coronavirus after beginning to ease lockdown orders. Other populous states including Florida have struggled with similar trends amid their reopenings, with both it and Arizona posting record daily highs for new cases of the virus earlier this week.
Earlier in the session, prospects of more stimulus, as well as hopes of a Covid-19 treatment and speedy economic recovery, helped stocks extend gains. These catalysts included reports Tuesday of encouraging results from a trial showing that the generic drug dexamethasone helped reduce the death risk among patients with severe Covid-19 cases.
Meanwhile, earlier reports that the Trump administration was prepping a nearly $1 trillion infrastructure package also provided a boost to risk assets.
More promising signs of a speedy economic recovery also contributed to the rally. New economic data Tuesday morning showed retail sales surged by a record 17.7% in May over April, with the pace of increase more than double the rate consensus economists expected. The sharp recovery in consumer spending after April’s record decline led at least some economists to pare back their gloomier economic expectations for the second quarter this year.
“The 17.7% m/m rebound in retail sales in May indicates that, as the lockdowns were eased in many states, activity started to recover more quickly than we – and others – had been anticipating,” Andrew Hunter, senior U.S. economist for Capital Economics, wrote in a note.
(Excerpt) Read more at finance.yahoo.com ...
F’n Yahoo. There is no spike it is the testing and they know it. As if a 100 point means a damn thing.
“Texas’s virus hospitalizations jumped 11% in 24 hours, according to the state, marking the largest one-day jump since the beginning of the month.”
A one day jump is meaningless. Statistical noise. In my state, hospitals frequently report clumps of cases from previous days together. They don’t report much on Sunday. So there’s always a jump from Sunday to Monday. Look at a trend for a couple of weeks.
And, I expect hospitalizations and deaths to rise as there is more contact. Duh.
That is not the right question. The right question is, is hospital capacity becoming near overwhelmed. If that’s the case, then the Karens may be right. As long as the hospitals can handle the cases, there is absolutely NO reasonable rationale for a continued lockdown.
Eventually, everyone is going to get this virus. I buy flattening the curve. I don’t buy lock it down so noone ever dies.
First off a 100 points is basically insignificant to the DOW.
I am looking at the stats and there is no second wave in there. I guess I can read charts and for some reason the media can’t.
Trump is up against a media that continues with headlines like “Pence falsely claims..”. Even Bush didn’t have to put up with the fake fact checkers claiming everything his administration says is false. Back the media the media was biased but probably not 24/7 working to de throne Bush. Now it is moving heaven and earth to do so. Google is trying to help up by silencing conservative media.
Wait does this mean that no one can loot stores anymore or is that still cool?
Didn’t the so-called “experts” tell us that it’s OK I’d more people are infected with COVID-19, as long as they get it while they’re out protesting against “racism?”
NASDAQ was up today - Yahoo, CNBC and Bloomberg are all anti-Trump ChiCom propaganda
they are already attacking the next jobs report, BEFORE it is even released bc they know its gonna be YUGE
ZERO evidence that the shutdowns/lockdowns/stay-at-home orders had any effect slowing down the transmission of the chinese virus
>95% of those who have the chinese virus do not require hospitalization....
Bull!! Not true in Texas for sure. Fake news before the rally! No one believes this fake news bull!
It actually dropped about 300 points in about an hour between 2:50 and 3:50. I don’t think it had anything to do with coronavirus, though. Crazy turnarounds in the last hour of trading aren’t that unusual due to purely technical reasons, like day traders closing out their positions and some automated trading going on.
Business reporters love making up fictitious reasons for intraday market moves, though.
I think most market participants are trading on the belief that Coronavirus is on its way out and there will be a strong recovery, but are pricing in some risk, too.
1) There's more testing and,
2) deaths are WAY down, and that's the important part, totally skipped over by the yahoos at Yahoo..
Can anyone think of any large public gatherings about two weeks ago that could have lead to an increase in coronavirus cases?
It is a commonplace to observe that immediate post hoc explanations for the day’s market activity will be pure off the cuff speculation. It is almost certain that the markets have priced in the effects of the epidemic already. Today’s movement was small and within the margin of random error.
Looting is still cool as long is you are not calling your city after the name of an enslaver.
Therefore, no more looting in Columbus, OH or Columbus, GA.
You now need to refer to these cities as some gender neutral, non racist, non denominational, fuzzy bunny type name. Just make up your own. Enjoy :)
The Pack Knight wrote: “Business reporters love making up fictitious reasons for intraday market moves, though.”
It’s not so much that they love making up fictitious reasons but because they get paid for sounding like they know what’s going on.
and don’t forget to wear YOUR MASK!
Be SAFE out there!
Arkansas infections hospitalized seems confined mostly to Marshallese and Latino groups. I don’t think the virus is racist but these groups have close family bonds and large encounters more frequently than other groups.
Sorry media , but your bug is dead
And it’s not coming back and neither are your stupid lockdowns
The only place is still locked down or liberal utopia is like New York New Jersey and other places
Statistical noise and not the right metric.
Exactly.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.