Afternoon Note
The afternoon note is late today as we watched the White House coronavirus press conference, which is always eventful.
For those that like to use market ticks during these sorts of things as a measurement of effectiveness, the market finished higher at the conclusion from where it started. The market was substantially higher before the question and answer period.
The Dow slumped as the questions moved toward more of the gotcha stuff before settling higher, but off the highest points of the session.
The market loves the fact the Fed has been given the green light to fund the commercial paper market with up to $1.0 trillion dollars. Main street should love that as well and will be thrilled with the notion of checks heading to mailboxes in the next couple of weeks.
The action today is tentative and focused on defensive sectors, making for a great test of investor appetite in the final hours of trading.
S&P 500 Index |
+4.22% |
Communication Services (XLC) |
+3.15% |
Consumer Discretionary (XLY) |
+3.17% |
Consumer Staples (XLP) |
+6.42% |
Energy (XLE) |
+0.56% |
Financials (XLF) |
+2.97% |
Health Care (XLV) |
+4.76% |
Industrials (XLI) |
+1.74% |
Materials (XLB) |
+3.79% |
Real Estate (XLRE) |
+5.53% |
Technology (XLK) |
+4.95% |
Utilities (XLU) |
+9.88% |
Comments |
As an investor, I like to think that our economy is much stronger than the nonsense of the question and answers doing a press conference. Morris Pasculli on 3/17/2020 4:41:40 PM |
the problem is that nobody knows how strong the economy is at this very moment but I agree our economy will regain its footing. On the other hand, the stock market is not just a barometer of the economy but a reflection of collective emotions of investors and swayed by algorithms programed to react quickly without regard to the strength of the economy. CP Charles Payne on 3/17/2020 4:48:48 PM |
Awesome knowledge. Thank you! [url=https://canadianrxusa.com/]canadian drugs[/url] MawikFusia on 7/12/2020 11:43:27 AM |
Tweet |
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