D&D Note (6.30.2020) ~ Markets Rally With Risk On DOW Ends Best Quarter Since 1987 ~
The major indices all rallied today in a classic risk on feel with the DOW closing out the best quarter since 1987. The S&P 500 saw its best quarter since 1998 while the NASDAQ had its best quarter since 1999.
Keep in mind we had a major crash in the first quarter so gains came from an extremely low base. That was the fastest we had ever plunged into a bear market and followed by the quickest recovery out of a bear market.
The final 10 minutes of trading saw a surge in buying rocketing markets to close at the highs of the day.
Dr. Fauci warns that if nothing is done to stem current Covid-19 outbreaks the US could begin seeing 100,000 new cases per day. He says that the US is “not in total control” on the Coronavirus outbreak.
He also warns that a new swine flu in China is worrying him as it has the hallmarks of a possible pandemic like the 1918 Spanish flu.
The EU has officially banned Americans from traveling to the EU as they reopen their borders.
The CDC tells American Airlines that they have ‘substantial disappointment’ in decision to resume full flights including middle seats.
DOW up 0.85%
S&P 500 up 1.54% (3100.29)
NASDAQ up 1.87%
VIX down -4.31% to 30.43
Oil down -0.60% to $39.46 a barrel.
Gold up 0.95% to $1798.20 an ounce.
Global Virus cases: 10.37 million+
Global Virus deaths: 507,373+
US Virus cases: 2.61 million+
US Virus deaths: 126,512+
~ Dave James / Principal Trader and Market Strategist