The House just passed the $2 trillion-dollar coronavirus stimulus package via a voice vote, and now it’s on its way to President Trump to sign it. The package includes $500 billion in direct payments to Americans, payroll tax reduction for employers, $367 billion for small business, $500 billion for larger businesses and states, including $50 billion for airlines and the travel industry, and $130 billion for hospitals.  (If you want to read the legislation, click here).

Speaking of the travel industry, the cruise industry is lower today. They have been left out of the bill, as they are not headquartered in the US.  President Trump has vowed to help them somehow if the delays continue, but they may have to move their headquarter to the US. The president stated, ‘"We'll work very hard to help the cruise lines. We're going to try and work something out."

Covid-19 is beginning to take a toll on the consumer’s psyche. The University of Michigan Index of Consumer Sentiment for March was 89.1, down from the preliminary reading of 95.9. The 11.9 point drop from February’s final read of 101, was the fourth largest one-month decline in about 50 years.

This is a very impressive session, although it's not over yet.  The Dow could be down 1,000 points, and nobody would bat and eye. Heck, it could be down 2,000 as all the experts (read…folks that missed the bounce) have rushed to TV and elsewhere to declare there will be a re-test (read…this time they'll buy). 

Declining stocks are clearly ahead of advancers as are the stocks making new 52-week lows.

The traditional safe havens, Real Estate and Utilities, are the only 2 S&P 500 sectors in the green.  Energy is the laggard and is down about 50% year to date.

Have safe and peaceful weekend. Our thoughts and prayers go out to all those impacted by this terrible virus, as well as those on the front lines.  Thank you for all you do.