Covid and Markets - Tuesday September 22
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 22 September 2020
⏱️ 15 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
The market dropped 500 points yesterday but today rallied back ~140 points. One big tech name today was a huge part of the S&P/Nasdaq rally …
The market drop yesterday (at one point down nearly a thousand points, but closed down ~500) allegedly started with a report that a number of global banks had “moved illicit funds” over a 20-year period from 1997-2017. No doubt, this was but one factor with talk of another lock-down in the UK being another, and concern about greater political (and societal) drama (in the aftermath of the Justice Ginsburg passing) being another.
Let’s go around the horn today with ample COVID information and perspective, and plenty on the public policy front, housing, and Fed as well …
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe, weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.4 | Hello and welcome to today's COVID and markets podcast brought to you by the Dividend Cafe of the Bonson Group. |
| 0:20.5 | It is Tuesday, September 22nd, and we have had another eventful day in the markets. |
| 0:26.4 | The market action on Monday had dropped 500 points, and that came after being down about |
| 0:34.7 | 1,000, so really rallied back about half of that on Monday. |
| 0:39.5 | But then today the market was up 140 points in the Dow. |
| 0:43.9 | It was up higher than that on a percentage basis. |
| 0:47.3 | With the S&P and the NASDAQ, there was one particular big tech stock that was largely behind that movement today. |
| 0:59.3 | So I think there's a lot of uncertainty, volatility, and unknowns in the market. |
| 1:05.7 | Allegedly, a big catalyst in the drop-off and market yesterday, |
| 1:11.2 | and you see the continued pressure in financials today, |
| 1:15.7 | even as the market was higher, |
| 1:18.4 | is a report that had come out Sunday night, Monday morning, |
| 1:22.6 | allegedly referring to a bunch of global banks, large ones, that over a 20-year period of investigation |
| 1:33.0 | from 1997 to 2017 had numerous incidents of moving illicit funds and not following anti-money |
| 1:40.7 | laundering procedures and things like that. So look, this may all seem kind of in the weeds, |
| 1:46.5 | but when you get like tape saying things about potential financial regulatory issues, |
| 1:56.1 | and then the talk of another lockdown in the United Kingdom, which strikes me as utterly insane, but who knows. |
| 2:07.6 | And then in terms of the ongoing political and societal drama in the U.S., particularly in the aftermath of Justice Ginsburg's passing over the weekend, |
| 2:19.0 | then there's not really any need at all for market having skewed. particularly in the aftermath of Justice Ginsburg's passing over the weekend, then, you know, |
| 2:23.9 | there's not really any need at all for market having excuse, especially after the several thousand points of movement. So I wouldn't read too much into it at this point. And I, |
| 2:31.1 | after I go through kind of the COVID news of the day, we'll come back with a couple |
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