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Market’s Acting Like It Found A Bottom

Market's Acting Like It Found A Bottom
Interior of New York Stock Exchange 1920

Markets are rallying today on agreement between the legislative branch and The White House regarding a relief bill for workers and businesses harmed by the Chinese coronavirus outbreak. U.S. Equities look to be locking in a second straight positive day, the first in weeks, possibly marking at least a temporary bottom in the bear market which started in late February.

Economic data showed growth in demand in February, most likely due to panic buying, and the delayed impact of the slowdown in economic activity due to the pandemic.

The markets are also looking forward now to the possibility of re-opening America earlier than expected as proclaimed yesterday by POTUS for Easter.

Durable Goods Orders (Feb) printed at 1.2% vs -0.8% consensus estimate.

Durable Goods Orders ex Transportation (Feb) printed at -0.6 vs -0.4 estimate.

Durable Goods Orders ex Defense (Feb) printed at 0.1% vs -0.9%.

Nondefense Capital Goods Orders ex Aircraft (Feb) printed at -0.8% vs -0.4% estimate.

Housing Price Index (MoM) (Jan) printed at the estimate of 0.3%.

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