3283k vs 282k – That was the weekly jobless claims, and the stark reality of what the economy is facing. While the $2trln stimulus package is on its way to the House for a vote tomorrow, today’s datapoint is the first showing the coronavirus impact. But US equities are moving higher today as quarter end approaches, trying to get back above the 2600 level on the S&P. Given the drastic asset movements this month, pensions will be rebalancing their portfolios (into equities from bonds), helping support US stocks into the weekend.
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