S&P Posts Best Week in 46 years Amid Record US Jobless Aid
Wealthpress Head Trader Roger Scott joined Midas Letter to discuss the best market action in US equities since the Great Depression. The S&P 500 rose 1.5% on Thursday bringing weekly gains to 12.1% – the best one-week gain in the index in 46 years. The rise in the markets comes off the back of the worst job claims news since 1948, where a staggering 6.6. million people sought unemployment benefits last week. The total statistic figures for unemployment claims since the COVID-19 virus outbreak has now hit a record 16.8 million. The market is ignoring macroeconomic headlines and focusing solely on the Corona Virus cases which in recent days have been reported lower than expectations. Watch the full interview for investment ideas related to companies looking for a COVID-19 cure and how market expectations and sentiment are reacting to the Fed rescue efforts in the short term.
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