Financial markets exploded higher this morning on a possible successful therapy for the coronavirus, and exceptionally strong private payroll Job numbers reported by ADP, which basically doubled projections. The markets are exhibiting a relief rally to the upside after downward pressure last week over virus fears flushed out a lot of buyers.
ADP Employment Change printed at 291k jobs added vs the consensus estimate of 156k.
The trade balance for December printed at -$48.9B vs -$48.1B estimated. However, the annual number showed the first contraction of the trade deficit in six years with an annualized number of $616.755B.
As we have said many times here at CD Media, the markets look forward, and they see a robust American economy for the foreseeable future, as President Trump looks to be a lock for a second term in office.
Chinese scientists reported over night that a combination of drugs used to combat the AIDS virus is showing promise against the coronavirus outbreak. Reuters reported the following headline:
CHINESE TV: RESEARCH TEAM AT ZHEJIANG UNIVERSITY HAS FOUND AN EFFECTIVE DRUG TO TREAT PEOPLE WITH THE NEW CORONA VIRUS
This story is developing as we await further data.