Daily Covid and Markets - Wednesday July 22
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 22 July 2020
⏱️ 17 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
The market was up 165 points today, mostly on a flat/choppy day that simply escalated in the last two hours of trading.
The general mood was that reports the Republicans are open to extending the federal unemployment benefit at a $400/month level through December drove the last day market move higher, but I am skeptical. It is certainly possible, but it strikes me as utterly incomprehensible that the market would not have known Republicans were going to do something like this.
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.5 | Hello and welcome to today's COVID and markets podcast brought to you by the Dividend Cafe of the Bonson Group. |
| 0:18.1 | This is David Bonson. And kind of interesting day in the markets. I'll |
| 0:22.9 | start there real quick. You had the Dow was up throughout the day. Nothing big, nothing small, |
| 0:29.2 | you just kind of bouncing around. It wasn't down much and it wasn't up much. And then in the last |
| 0:35.0 | couple hours of trading, it kind of spiked higher and held there. |
| 0:40.5 | So on the day the Dow was up about 165 points. |
| 0:45.2 | And there was a number of things I read suggesting it was the Republicans coming out, |
| 0:50.4 | open to extending federal unemployment benefit that maybe drove things higher. |
| 0:56.7 | I don't buy into that necessarily. |
| 0:59.4 | It's not that it isn't or wasn't that, but I don't necessarily know that it was because |
| 1:05.3 | I got to think that anyone in the entire market would have already known some version of this was coming. |
| 1:12.8 | I don't know. |
| 1:13.6 | There's a few things that could have driven it, but when you're from 165 points, |
| 1:19.8 | the market really doesn't need a reason to go down one or 200 points or go up, as was the |
| 1:25.1 | case today, one or 200 points. |
| 1:27.3 | But let me get into some of the COVID health information, and we'll go through our normal |
| 1:30.7 | categories and call it a day. Get ready for the next one. |
| 1:34.7 | The seven-day average for COVID deaths in the U.S. in the second week of June was 780 deaths |
| 1:43.4 | per day. As of yesterday, it was 720 per day. May tick a bit higher because of some of |
| 1:51.8 | these backlog of reportings that moved up deaths yesterday. But my point is that we're actually |
| 2:00.4 | lower than we were six or seven weeks ago, not higher and not |
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