Cliff Notes - Glimmer of Hope
April 10, 2020
In This Week's Update:
- Markets rallied hugely Monday, with the S&500 up 7.7%, on the glimmer of hope that peak coronavirus cases could be realized in the next few weeks.
- Investors were encouraged by data that shows a slowing in the number of daily U.S. coronavirus cases, although it is still early to determine a lasting trend. There were about 30,000 new cases on Thursday, 32,100 cases on Friday, 33,260 cases on Saturday, and then a slowing to just 28,200 new cases Sunday, according to the latest data from Johns Hopkins.
- Last week’s job report showed 701,000 jobs were lost, and the unemployment rate jumped to 4.4%. With plenty of more losses coming in the month ahead. Markets were volatile, yet down for the week, giving up some of the recent rally’s gains.
- President Trump suggested Russia and OPEC would talk leading to a production agreement – which saw oil rally hugely too – yet tangible action has not been seen yet.
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