Stocks open slightly higher even as jobless rate tops 15%

U.S stocks rose slightly at the open Thursday as the White House said it was readying guidelines for reopening parts of the economy and investors digested data that showed millions more Americans lost their jobs last week, among other hits to the economy.

What’s driving the market? Efforts by leaders in Europe and the U.S. to begin reopening economies closed by the effort to contain the COVID-19 pandemic were credited with lifting global equities. President Donald Trump is expected Thursday to announce guidelines that would allow states to begin reopening certain activities, while Germany will allow small shops to reopen beginning Monday.

“As frightening as those numbers are, the peak-to-trough declines in the dot.com bubble and the Great Recession were 49.1% and 56.4%, respectively, which puts the current measured move target of 1,628 in the S&P almost perfectly in the middle of those two bear market drawdowns,” Essaye added. “Also, the S&P has rebounded 27% since the late-March lows just a few weeks ago, and there was at least one rally in both of the last two recessions that topped 20%.

Source: News Formal (newsformal.com)

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