D&D Note (8.6.2020) ~ Stock Stage Afternoon Rally On Hopes Of New Stimulus Relief Bill ~
There is still not a new Stimulus Relief Bill however, Nancy Pelosi says there is progress on negotiations ahead of the self imposed Friday deadline.
This was enough hope that a bill will get passed to lift markets in the afternoon session.
If we don’t get a deal in Congress the markets will sell-off.
Once again tech led the rally with the NASDAQ closing above 11,000 for the first time.
Facebook gained 6.41% today after it launched its computer to TikTok.
Etsy price target raised to $68 at Morgan Stanley on accelerated profitability with an Underweight rating.
GoDaddy upgraded to Overweight rating at JPMorgan on gaining market share with a price target of $110.
WayFair upgraded to Equal Weight rating at Barclays and doubles price target to $321 on strong Q2 results.
DOW up 0.68%
S&P 500 up 0.64% (3349.16)
NASDAQ up 1.00%
VIX down -1.48% to 22.65
Oil down -0.52% to $41.97 a barrel.
Gold up 1.26% to $2075.20 an ounce.
The FED has reported that extending the $600 unemployment benefits would actually save American lives during the Coronavirus pandemic.
Over 1 million people are facing now a 3rd day without power across the N.Y. area due to Tropical Storm Isaias.
Global Virus cases: 18.98 million+
Global Virus deaths: 712,266+
U.S. Virus cases: 4.87 million+
U.S. Virus deaths: 159,931+
~ Dave James / Principal Trader and Market Strategist