D&D Note (6.25.2020) ~ Mystery Rally In Last Hour Pushes Markets Higher ~
Markets opened the morning falling down then traded up to even. Throughout the day stocks traded relatively flat as investors digested the latest Covid-19 news. In the final hour of trading we suddenly took a leg up across the major indexes seemingly for no reason at all.
There was positive news earlier in the day for Bank stocks after regulators ease the Volcker Rule. This pushed banks up early in trading.
It’s not clear at all what the catalyst was for the late day rally pushing stocks to close at the highs of the day.
Wall Street executives are no getting ready for a Joe Biden presidential win as Trump continues to slide in both national polls and specific swing-state polls.
Stock today continued to rotate out of value and into growth.
DOW up 1.18%
S&P 500 up 1.10% (3083.76)
NASDAQ up 1.09%
VIX down -4.79% to 32.22
Oil up 2.74% to $39.05 a barrel.
Gold down -0.17% to $1772.00 an ounce.
US virus cases rise 1.7% which is the biggest gain since May 30th with a record 45,557 new cases in a single day.
Texas has now paused its reopening plans along with elective surgeries as Coronavirus cases continue to climb along with hospitalization rates.
Apple announced they will re-close an additional 14 stores in Florida due to rising Covid-19 cases. This brings the total re-closings to 32 stores across Texas, North Carolina, South Carolina, Arizona, and Florida.
Global Virus cases: 9.5 million+
Global Virus deaths: 484,406+
US Virus cases: 2.4 million+
US Virus deaths: 122,370+
~ Dave James / Principal Trader and Market Strategist