What’s going on in the world…
Market opens higher again as stocks continue to shake off sluggish earnings and threats to economic growth. A rally yesterday got erased at the close, but another attempt is made today. The virus spread is no longer a concern, apparently. China is struggling. Many of their cities have completely shut down and global supply chains have been slowed. This will have a negative impact on the global economy. The question is just how much and will it recover quickly. The coronavirus that has sickened more than 44,500 people in over two dozen countries now has a name: COVID-19. The new virus that emerged from a seafood market in Wuhan, China, likely originated in bats and then jumped to an “intermediate host” before infecting humans, World Health Organization officials said. Fed Chair Jerome Powell was on Capitol Hill yesterday, and he will be there again today. The Fed still plays a massive role in this Bull Market. Bernie Sanders won a tight race in New Hampshire last night, and is taking the lead in the Democratic primary with Mayor Pete Buttigieg close behind. Amy Klobuchar had a surprisingly good night. Elizabeth Warren and Joe Biden were distant 4th and 5th place finishers. She is basically done and he needs a big win in South Carolina and Nevada to stay alive. President Trump took another victory lap with the Stock Market at all-time highs, praising the $1 Trillion club, which is Microsoft, Apple, Google and Amazon. Stocks are higher. Bonds are lower, with interest rates higher. Oil is catching a bid. Gold is down. The VIX is back below 15. There is no fear anywhere anymore.
Have a great morning,