Payne's Perspective: April 27, 2020: The Valiant Return
American joblessness continues to mount, with another 4.4 million filing for unemployment benefits, bringing continuing claims north of 15.0 million. Although it makes you cry, the sequential decline in weekly totals is heartening.
If I told you would you believe?
Go back to March 23, and consider were the market was, in a state thermal velocity to the downside, like a dumpster fire pushed off a cliff. The Dow was off 36% for the year midway through the session and down even more from the highest point of 2020. Other indices were also on flames; the S&P down 32% and NASDAQ Composite -26%.
If I told you on March 23 where these averages would be a month later would you have believed?
Major Indices 2020 Year to Date
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