Written by Gary
Minutes before the closing bell the $VIX jumped almost two points points to 65.92 sending the fragile DOW fractionally downward shedding over 800 points at the close (SPY +1.5 %). Analysts: The recent rally may not be signaling a bottom, remember 1987 and 2008.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wall Street gains ahead of Senate vote on $2 trillion aid packageWall Street rose in choppy trading on Wednesday, building on the previous session’s gains, as the U.S. Senate neared a vote to clear a $2 trillion package to support businesses and households affected by the coronavirus pandemic. |
| U.S. stocks seesaw as vote awaited on stimulus dealU.S stocks seesawed on Wednesday, digesting the previous session’s huge rebound, with investors torn as optimism about an imminent $2 trillion coronavirus package was offset by concerned about the lasting economic impact from the pandemic. [.N] |
| Coronavirus exposes U.S. Uber, Lyft drivers’ lack of safety netAs independent contractors, U.S. ride-hail drivers for Uber and Lyft benefited from soaring trip demand and flexible work hours. |
| First UK-listed firms edge towards BoE loan schemeA handful of large British companies had emerged on Wednesday as likely candidates for the government’s emergency lending scheme aimed at helping them tide over the coronavirus shutdowns afflicting many of the world’s biggest economies. |
| For ECB, coronabonds could be shield against legal challengesEuropean Central Bank President Christine Lagarde has a concrete reason for putting pressure on euro zone governments to finance the fight against coronavirus with joint debt — avoiding trouble with the courts. |
| Do more to stop coronavirus price gouging, U.S. states tell Amazon, Walmart, FacebookA group of 32 U.S. states have a message for the nation’s leading online platforms: You are not doing enough to stop price gouging amid the coronavirus crisis. |
| Eni cuts 2020, 2021 capex to mitigate Coronavirus hitItalian oil and gas group Eni said on Wednesday it would reduce its capital expenditure this year by around 2 billion euros ($2.17 billion) to mitigate the impact from falling commodity prices following the coronavirus emergency. |
| Coronavirus slowdown starts to rival Fed’s doomsday bank stress test scenarioThe unfolding market shock and economic crisis wrought by the coronavirus disruption is shaping up to be a nightmare for the Federal Reserve ” literally. |
| Volkswagen expects to resume car production in summer: FAZVolkswagen expects to resume car production in Germany in the summer after the auto maker was forced to suspend output due to the coronavirus pandemic, an executive told a newspaper on Wednesday. |
| Stocks Scream Higher On Greatest Short-Squeeze In History, Bonds & Bullion ShrugStocks Scream Higher On Greatest Short-Squeeze In History, Bonds & Bullion Shrug “Fear” is almost over according to the market’s “Virus Fear” trade… |
| China Lifts Lockdown On Hubei Province Despite COVID-19 ResurgenceChina Lifts Lockdown On Hubei Province Despite COVID-19 Resurgence People flooded onto trains and buses in Hubei province on Wednesday after China lifted a two-month lockdown on the epicenter of the coronavirus outbreak, which began in the eastern city of Wuhan (roughly 900 feet from a laboratory where they were experimenting on bat coronavirus that’s 96% genetically identical to COVID-19). |
| Cuomo: Stimulus Deal “Terrible” – Would Leave NY With “Drop In The Bucket”Cuomo: Stimulus Deal “Terrible” – Would Leave NY With “Drop In The Bucket” New York Governor Andrew Cuomo (D) criticized the impending COVID-19 stimulus deal as “terrible,” and would allocate a “drop in the bucket” to the worst-hit state in the nation, according to The Hill. |
| The Global Economy Won’t Bounce Back SoonThe Global Economy Won’t Bounce Back Soon Authored by Daniel Lacalle, The Danger Of Estimating Rapid Recovery In February, the general consensus among large investment banks and supranational entities was that there would be a one-time impact on GDP in the first quarter due to the impact of the coronavirus, followed by a stronger recovery in the form of V. The IMF anticipated a modest correction to world GDP of 0.1%, and the biggest cut in growth estimates for 2020 was 0.4%. Those days are over. |
| Coronavirus theatens to leave behind (Al)mighty legal messCoronavirus theatens to leave behind (Al)mighty legal messUnlike few nations where the term is coded in civil laws, the Indian Contract Act is silent on `force majeure’. |
| 3% of GDP: What tax reliefs may cost India3% of GDP: What tax reliefs may cost IndiaExperts say that Covid-driven tax relief may cost government 2 to 3 per cent of the GDP. |
| Trump’s own business is under Covid cloudTrump’s own business is under Covid cloudTrump’s hotels are mostly empty. His golf courses in the US, Scotland and Ireland are under pressure to close. |
| Headline Durable Goods New Orders Improved In February 2020Written by Steven Hansen The headlines say the durable goods new orders improved. Our analysis shows the rolling averages improved.
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| The Tell: Stock market’s historic bounce may signal ‘near-term bottom,’ but remember what happened in 1987 and 2008The stock market’s historic bounce on Tuesday may signal a near-term low is in process, but history reminds that big rebounds are often followed by new lows, notes one chart watcher. |
| Cannabis Watch: COVID-19 a ‘net positive’ for marijuana producer Curaleaf, says analystThe COVID-19 pandemic has proven a boon to U.S. marijuana producer Curaleaf Holdings Inc., as sales jump and many states say that cannabis is an essential service, an analyst wrote in a note to clients Wednesday. |
| Gov. Cuomo says $2 trillion stimulus bill is ‘terrible’ for New YorkHe also renews call for more ventilators as COVID-19 cases in the state rise. |
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