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A Shocking Jobs Blowout, And Possible Virus Cure Propels Markets Higher

A Shocking Jobs Blowout, And Possible Virus Cure Propels Markets Higher
Largest grain elevator in the world – Buffalo, NY, 1930
Image by Bundesarchiv, Bild 102-09208

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.

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2 comments

Mitt “Pierre Delecto” Romney Claims “Oath To God,” Votes To Convict Trump February 6, 2020 at 12:43 am

[…] A Shocking Jobs Blowout, And Possible Virus Cure Propels Markets Higher […]

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Economic Indicators Continue Their Positive March Forward…But…Be Careful Out There February 6, 2020 at 10:18 pm

[…] A Shocking Jobs Blowout, And Possible Virus Cure Propels Markets Higher […]

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