The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on June 26, 2020, 10:13:54 pm
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John Carney 26 Jun 2020
Stocks plunged on Friday as infections rose in several states, the White House relaunched its coronavirus taskforce, and Texas pulled back on the reins of its reopening.
The Dow Jones Industrial Average fell 730 points, 2.84 percent, to 25015.55. The S&P 500 declined 2.42 percent. The Nasdaq Composite dropped 2.59 percent.
The yield on ten-year Treasuries, often viewed as a safe haven for investor cash, dropped to 0.64 percent. Yields move down when bond prices move up.
All 11 sectors of the S&P were down. The worst performing sector was communication services, a tech heavy category that includes Facebook, Google parent Alphabet, and Netflix, which fell 4.49 percent. Financials declined 4.33 percent. The best performing sector was utilities, which dropped by 1.03 percent.
The only gainer among the Dow stocks was Cisco, which rose 2.41 percent. The biggest decline was Goldman Sachs, down 8.65 percent after the Federal Reserve said Thursday that big bank capital restrictions would be limited due to economic risks stemming from the pandemic.
more
https://www.breitbart.com/economy/2020/06/26/stocks-tumble-as-infections-rise-and-second-lockdown-begins/ (https://www.breitbart.com/economy/2020/06/26/stocks-tumble-as-infections-rise-and-second-lockdown-begins/)
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I think the headline is misleading - we aren't in a 2nd lockdown -- some states have gone back to parts of Phase I -- bars have been closed -- however, restaurants can (so far) still serve drinks at the table; tables still have to be 6ft. apart and social distancing adhered to. They've gone back to some restrictions -- but not all.
There is no doubt that the amount of people unemployed is higher than before COVID hit, and the economy took a beating. The country plunged into even more debt.
I think watching the police departments becoming dismantled and our monuments toppled by anarchists without any push back is more of a reason to sell investments than COVID. Even IF businesses are open -- who in the heck wants to go to a restaurant or a store near an autonomous zone or an area with no police protection and incivility?
What's the good news out there right now to warrant buying into the market or jumping back in? IMO things are more unstable now than they were when COVID first hit.
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John Carney 26 Jun 2020
Stocks plunged on Friday as infections rose in several states, the White House relaunched its coronavirus taskforce, and Texas pulled back on the reins of its reopening.
The Dow Jones Industrial Average fell 730 points, 2.84 percent, to 25015.55. The S&P 500 declined 2.42 percent. The Nasdaq Composite dropped 2.59 percent.
The yield on ten-year Treasuries, often viewed as a safe haven for investor cash, dropped to 0.64 percent. Yields move down when bond prices move up.
All 11 sectors of the S&P were down. The worst performing sector was communication services, a tech heavy category that includes Facebook, Google parent Alphabet, and Netflix, which fell 4.49 percent. Financials declined 4.33 percent. The best performing sector was utilities, which dropped by 1.03 percent.
The only gainer among the Dow stocks was Cisco, which rose 2.41 percent. The biggest decline was Goldman Sachs, down 8.65 percent after the Federal Reserve said Thursday that big bank capital restrictions would be limited due to economic risks stemming from the pandemic.
more
https://www.breitbart.com/economy/2020/06/26/stocks-tumble-as-infections-rise-and-second-lockdown-begins/ (https://www.breitbart.com/economy/2020/06/26/stocks-tumble-as-infections-rise-and-second-lockdown-begins/)
Futures are down over 600 pts .... but people have the weekend to think about things. We'll see how the weekend unfolds.