Posted on 11/24/2020 8:37:06 AM PST by fhayek
At 30,000, the Dow had risen 44% from its March 24 level and 61% from the March 23 low. NYSE That didn’t take long. The Dow Jones Industrial Average hit 30,002 eight months after tanking to around 20,000 as the pandemic hit, sending the global economy into a deep recession.
The index hit the then-record-high level of 29,551 on Feb. 12, after having fallen below 20,000 on March 23, when stocks around the world hit bottom during the 2020 bear market. The Federal Reserve said it would provide unlimited stimulus and the Dow rose 11.2% to 20,704 the next day and hasn’t looked back since.
At 30,000, the Dow had risen 44% from its March 24 level and 61% from the March 23 low. That is better than a V-shaped recovery—a rapid rebound from a plunge—given that the index’s pre-pandemic high, reached on Feb. 12, was a touch below 30,000.
(Excerpt) Read more at marketwatch.com ...
The biggest winners are Boeing, JPMorgan, and Amex?
Gold and silver to follow.
This does not reflect the value of the Dow. It reflects the value of the dollar. 2021 is going to be the year of massive price inflation brought on by the raining down of trillions from heaven in 2020.
Interesting times.
Boeing recovering from the 737 Max thingee.
Given the economy crushing crap that Biden has proposed to do immediately by executive order... it would appear that the investment making decision makers are indicating that President Trump is going to continue to be our President.
I am within $200K of making up all the losses from the peak in February.
I did dump a lot of losers in the summer, but the stocks I bought to replace them are performing well.
Yes. They must know something to be this confident.
As a semi educated person, I would guess the stock market is thrilled by the prospect of opening the revenue stream from China and opening the southern border to provide waves of cheap labor.
No, they are setting up to short the market.
Biden assumes office, expect 1929 level losses.
“Given the economy crushing crap that Biden has proposed to do immediately by executive order... it would appear that the investment making decision makers are indicating that President Trump is going to continue to be our President.”
Disagree. Wall St. is loaded with crony capitalists.
Stocks are not freaked out about the Biden presidency.
The shut downs are eliminating small business competition for the large companies that trade on the stock market. They are loving the shut downs. Combined with the large majority of Wall Street cash going to Democrats, I think we have our answer.
The arrival of hyperinflation is very difficult to call. It hasn’t happened even though our national debt now stands at an incredible $27 Trillion. Some economists think all the spending/stimulus is fine and even necessary, to prevent a deflationary depression. The economists can’t agree on anything it seems.
Very strange times though. I’ll give you that.
“Stocks are not freaked out about the Biden presidency.”
Biden doesn’t yet have the “presidency”.
Exactly what you said. THis is nothing more than the money following the obvious. Small and medium-sized businesses are getting crushed. Concentration of earning and profit will be with the Fortune 500 types and that’s where the stock money is going.
I meant to add that inflation has been very tame despite Obama practically doubling the debt during his two terms in office.
No kidding. If the Senate is lost, the market will crash. In fact, watch for the Santa Claus Rally— the market will run screaming to the doors if the capital gains tax gets pushed up.
Right now Gold and Silver are a screaming buy. As the stimulus starts coming up again, you know gold will skyrocket.
Why? Without the Senate, he can't repeal the Trump taxes. And he will face major resistance to re-instituting massive regulations "because COVID!!!" So he won't.
The main thing he will do is to hand "green energy" huge advantages. But the market has already priced this in...check out the recent explosions in price of Plug Power (PLUG) and Fuel Cell (FCEL).
Nothing to do with Joke Bidet. Positive vaccine news. A rising tide lifts all boats.
Can't argue with that, but the DJIA is populated by 30 large companies... which ones do you consider to be crony capitalist corporations? And which would benefit from a Biden administration? Here is a list:
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