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And so it begins…
Markets had a rough day yesterday, with the Dow dropping over 700 points on new concerns of coronavirus peaking in several states. The S&P dropped 2.59% and even the Nasdaq fell 2.19% as California and Florida announced the highest rates of new cases of coronavirus in their respective states since this whole fiasco started.
As a result, the tri-state put up travel restrictions, requiring people who go to the “trouble areas” to quarantine for 14 days.
Want some good news? Your crazy aunt who doesn’t trust “big brother” could be rich, assuming she held on to her stock pile of gold from the financial crisis in 2007. The price of the precious metal hit $1.8k it’s highest in 9 years.
The bottom line…
This could be a rough end of the month for equity markets. More COVID-19 scare and slower economic openings, along with investors wanting to take profits off the table could send markets down.
The million-dollar question: what will the Fed do about it? Previously, Jerry Interest Rates has flexed his monetary muscle by offering various programs to businesses.
Currently, the US central bank has made $2.3T available to put into the economy. But so far, it’s only distributed $143B and its Main Street Lending Program hasn’t even made a single loan yet. Not really reaching its potential.
It has propped up markets before this year…and now they could sell off again. Time will tell what J-Poww’s next move is.
Water Cooler Talking Point(s)
💧 “Buy low, sell high…who cares if anybody is actually working?!” (Ian, The Water Coolest HQ)
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