PAYNE'S PERSPECTIVE: OCTOBER 26, 2020: THE GOOD OLD DAYS
The economy continues to heal with certain sectors on fire - while others, including employment, are still at elevated levels that were once unimaginable. The good news is where we are now was unimaginable back in March and April of this year. The stock market however is not reacting to slight surprises (up or downside) in employment.
Certain milestones will move the needle, including the first read below 500,000 Initial Jobless Claims.
While some might be worried, the better news isn’t positively influencing the stock market’s worth. Consider the rebound in coronavirus cases counts, which is not hitting the stock market as it did at the onset of the crisis. And the first-time cases rebounded when certain states reopened ahead of the pack.
Testing is significantly higher while positive rates and death rates are substantially lower. The market understands this even though case counts are playing a greater role in presidential election polls.
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