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Thu Mar 26, 2020, 04:10 PM

Stocks roar, with Dow spiking 1,300 points, after Senate passes $2 trillion stimulus bill

Source: Washington Post




A dismal unemployment report failed to pop Wall Street’s buoyant mood on Thursday, with stocks running to their third straight day of gains following the federal government’s pledge to shower trillions of dollars on U.S. citizens and commerce. The Dow Jones industrial average advanced more than 1,300 points, more than 6.2 percent, Thursday, capping its third straight day of gains. The Dow has come back at least 20 percent since Monday, and is on track for one of its best weeks in history.

The blue chip rally has been powered by aerospace giant Boeing, which has seen a resurrection of its stock price this week on word that federal aid is on the way. Boeing shares were up 13 percent Thursday afternoon, trading at nearly $180 per share. The stock price was below $100 on Monday. The Standard & Poor’s 500 index was up 6.1 percent. The broad index is up more than 15 percent since Monday, its best three-day run since 1933. The Nasdaq composite jumped 5.6 percent.

“It’s proof that greed isn’t dead, and neither is optimism” said Michael Farr, president of Farr, Miller & Washington, an investment management firm. “Investors are anxious to have the worst behind us, but with 3 million unemployed and the number likely to go higher, it’s premature to say this market has made its lows.”

The coronavirus bill the Senate passed Wednesday night is the largest economic intervention in U.S. history. It will provide checks to more than 150 million American households, launch massive loan programs for businesses, and direct spending to unemployment insurance programs, hospitals, localities and more. The relief cannot come soon enough for those who have already lost jobs, shuttered businesses and face daunting months ahead. A record 3.3 million Americans applied for unemployment benefits last week, the Labor Department said Thursday.

Read more: https://www.washingtonpost.com/business/2020/03/26/market-stocks-economy-stimulus-coronavirus/

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Response to BumRushDaShow (Original post)

Thu Mar 26, 2020, 04:14 PM

1. unemployment spike, no big deal. available cash? let's soar nt

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Response to msongs (Reply #1)

Thu Mar 26, 2020, 04:19 PM

2. I don't think they have digested that yet

I think they are doing what is commonly called "bargain hunting" (and re-balancing). The unemployment rate is not going to suddenly go down when the stimulus money starts flowing because of state shutdowns and a raging virus. People might end up with some money to take care of bills and buy stuff but if most businesses are closed, there won't be any place for them to "spend" that money.

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Response to msongs (Reply #1)

Thu Mar 26, 2020, 04:23 PM

3. That was pretty much expected. The problem will be when the unemployment doesn't

get better

The economy will not recover Until the health issue is solved, and the jackass in the WH stops undermining the medical experts, and because of that things can get much worse

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Response to still_one (Reply #3)

Thu Mar 26, 2020, 05:05 PM

8. I actually heard an idiotic business report

on my local news radio about 35 minutes ago that re-aired about 5 minutes ago (Bloomberg business reporter who they subscribe to) and the disconnect with the stimulus money vs WHY there is unemployment right now, was breath-taking.

Actual statement -

"...with investors looking at the 2 trillion dollar stimulus as a cure for the cornavirus shutdowns".




And then going on about how the infusion of money will mean that businesses will reopen and people will be able to go back to work now.



^^^ignoring that THIS is still floating around

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Response to BumRushDaShow (Reply #8)

Thu Mar 26, 2020, 05:07 PM

9. Pretty stupid is right

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Response to BumRushDaShow (Reply #8)

Thu Mar 26, 2020, 07:31 PM

15. The denial bubble,

it exist.

But not for long...

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Response to msongs (Reply #1)

Thu Mar 26, 2020, 04:25 PM

4. Hell, lets have banks get waivers.............after all the charlatan and idiots...

play by rules while others can get a waiver.....................and have swaps.....................what could possibly go wrong..................

https://www.democraticunderground.com/10142456968

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Response to msongs (Reply #1)

Thu Mar 26, 2020, 04:36 PM

6. I know, right?

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Response to BumRushDaShow (Original post)

Thu Mar 26, 2020, 04:31 PM

5. another YUGE wall street bailout, and they said they wouldn't do that again. nt

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Response to BumRushDaShow (Original post)

Thu Mar 26, 2020, 04:57 PM

7. Bad Headline

6.4% up is not "soaring"!!!
The market is still more than 25% below where it was, and the country needed to float $4+ trillion of debt to make this happen.
The writer & headline editor need a dictionary.

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Response to ProfessorGAC (Reply #7)

Thu Mar 26, 2020, 05:08 PM

10. It's a conspiracy among the business reporters to put the narrative out there

It is oozing all over the business world and I just posted upthread about what they were trying to promote - https://www.democraticunderground.com/10142456989#post8

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Response to ProfessorGAC (Reply #7)

Thu Mar 26, 2020, 10:58 PM

16. A lot of investors bought into this market at its record high

Everyone is pumping it up so that these investors can cut their losses and get out. It will be up for the next few days, but then there will be massive selling as the ugly economic and public health news comes in. There are dark weeks ahead, no matter the happy talk.

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Response to BumRushDaShow (Original post)

Thu Mar 26, 2020, 05:26 PM

11. One or Two Trillion Dollars.....

......and pretty soon you're talking about real money.

The 1%'ers have got to be licking their chops.

Before most of this money can even be traced and determination made as to
who stole it and how much: the statute of limitations will have run.

Is there a company that manufactures guillotines? Just asking.

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Response to BumRushDaShow (Original post)

Thu Mar 26, 2020, 05:34 PM

12. Surprise,surprise surprise.

How long before it's in record territory? What a scam.

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Response to BumRushDaShow (Original post)

Thu Mar 26, 2020, 05:57 PM

13. And the non-taxpaying non-working 1% gets bailed out again. Fucking welfare parasites. n/t

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Response to BumRushDaShow (Original post)

Thu Mar 26, 2020, 07:20 PM

14. We just passed China in number of cases. Over the weekend, we will pass the 100,000

mark.

I predict by Monday, the truth that this is far from over and far from hitting its peak will cause the market to drop like a rock yet again.

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