D&D Note (8.18.2020) ~ S&P 500 Closes At New All Time High Of 3389.78 Recouping Pandemic Losses ~
Markets gapped up on the open but the fell into the red early in trading on comments that Treasury Secretary Steven Munchin made saying Democrats unwilling to strike ‘reasonable’ relief deal.
This left the DOW trading in negative territory throughout the day.
The S&P 500 and NASDAQ both rebounded back into the green led by Tech. This lifted the S&P 500 to close at a new record all time high of 3389.78
Amazon led the rally today along with Oracle which is now in talks to buy TikTok.
Laggards were Walmart and Home Depot despite their strong earnings results (showing how many stocks are currently priced for perfection).
Other retail stocks also were a drag on the markets including Macy’s, Nordstrom, and Kohl’s.
The Dollar continues to fall for the fifth day, while Gold traded back above $2,000 an ounce on the escalating tensions between China and the United States.
Tonights DNC speakers include Bill Clinton, Alexandria Ocasio-Cortez, and Jill Biden.
The USPS chief Louis DeJoy says he is suspending some of the recent post office changes until after the 2020 election.
DOW down -0.24%
S&P 500 up 0.23% (3389.78)
NASDAQ up 0.73%
VIX up 0.75% to 21.51
Oil down -0.77% to $42.56 a barrel.
Gold up 0.97% to $2004.53 an ounce.
The World Health Organization again reemphasized that the Covid-19 pandemic is being driven by young people in their 20s, 30s, and 40s who don’t know they are infected but causing community spread due to not wearing masks and not adhering to social distancing.
Norte Dame reports more than 50 Coronavirus cases of which many are linked to an off-campus party.
Global Virus cases: 21.96 million+
Global Virus deaths: 775,904+
U.S. Virus cases: 5.46 million+
U.S. Virus deaths: 171,120+
~ Dave James / Principal Trader and Market Strategist
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