Skip to comments.Dow surges 500 points as positive housing data outweighs Rising Coronavirus spread
Posted on 06/29/2020 12:12:28 PM PDT by SeekAndFind
US equities traded higher on Monday as investors blocked out rising coronavirus case counts and focused on positive housing-market data.
Pending home sales shot 44.3% higher in May, the National Association of Realtors announced Monday. The reading trounced the median economist estimate of 19.3%, according to Bloomberg. The association's metric now sits at 99.6, slightly lower than its pre-virus high of 111.4 but hinting at a steady recovery for the critical sector.
The leap "goes to show the resiliency of American consumers and their evergreen desire for homeownership," Lawrence Yun, NAR's chief economist, said. "This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery."
Global virus deaths passed 500,000 on Sunday, while confirmed cases reached the 10 million mark. Fresh outbreaks in Florida, Texas, and California forced state governments to reverse some reopening measures to curb further damage. The spike in cases has so far not fueled a similar uptick in coronavirus deaths, but experts have said the virus' spread could revive strict lockdowns.
Boeing led the Dow higher. The plane manufacturer's shares leaped roughly 7.5% in early trading after US regulators approved test flights of its beleaguered 737 Max model.
Gilead stock also soared on Monday after the biotech company priced a five-day course of remdesivir, its experimental COVID-19 treatment, at $2,340. The company also nixed country-by-country price negotiations to further expand remdesivir's market.
Facebook stock plummeted for the second straight session as more companies announced boycotts of the social-media giant. Several firms have recently turned away from advertising on social media to push platforms to take a stronger stance against hate speech.
Oil climbed slightly higher. West Texas Intermediate jumped as much as 2.1%, to $39.30 per barrel. Brent crude, oil's international standard, gained 1.4% at intraday highs.
(Excerpt) Read more at msn.com ...
The Dems and the media are sad, they truly hate America.
Consumer spending in May soared.
That’s the reason for the uptick.
The virus is on the right side of the Bell Curve and will be less and less in the news in the coming days.
The extremely fast rise in Coronavirus infections over the last couple of weeks is true. It currently at an all time high for the U.S. But the death rate is also continuing to fall and despite its greater importance is being largely ignored by the MSM
Maybe we are just getting better at keeping Coronavirus victims alive. Maybe the testing is boosting the infection numbers.
But in any case the last time the infection rate went above 30,000 per day we had people dying at 2000 per day. We are now well above 30,000 per day and are on the verge of falling below 500 in the daily death count.
Something is not adding up.
RE: Maybe the testing is boosting the infection numbers.
That IS the main reason.
Also, I did notice that States that opened 6 weeks ago did not experience a surge in cases 3 weeks after the reopen. Florida reopened in the first week of May and did not see any increase in infection numbers.
What did cause this surge? Well, a month before, George Floyd died and a week later, we had this HUGE protest and rioting and looting going on. 2 weeks later, the surge occurred. Do we have any epidemiologist interested in researching the cause and effect here?
TITLE: Houston Protesters Begin to Fall Ill With Coronavirus After Marching for George Floyd
secondart of headline
democrats pissed good news for citziens is good news for Trump
See what will happen to the markets closer to election time. Prep.
Far more young people are getting and spreading the virus now. They tend to be more likely to survive it and less likely to be hospitalized.
When the Dow goes up I love to read the squirming lying crap from the “experts” on why it went up
Today’s cya lie was some babble about Airline stocks, which while true has NONE of the eye catching appeal of a 44% jump in housing sector activity. They breath therefore they lie.
This market is tricky. I still am not convinced the low is in. Refusing to be the sucker who adds positions here.
On the COVID news, the huge spike in cases, barely caused a surge in deaths. They were a tiny bit higher, and only time will tell, but we might be out of the woods.
The media is just terrible. If you didn’t actually look at the death stats you would consider committing suicide. LOL. They provide no perspective or any of the good news whatsoever. The deaths are just not coming in the way they wanted.
The worst news casters of all time are financial journalists. They are the bottom of the barrel and that barrel is deep already. Let’s be serious. No one can explain the movement of 10,000 stocks on a given day, so they just repeat and peddle what some random broker told them.
It's so bad, I fear they will influence just enough people that Trump is as bad as they portray him. They are evil. Frankly, I believe we need to buy a network for balance, conservative billionaires and small donations and buy comcast and make it a network that reports news, not lies.
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