It has been one wild ride this week on the U.S. stock market. Everyone and everything is going nuts. Not even a massive 0.5 percent cut to interest rates by the Federal Reserve was enough to save the Dow Jones.
On Thursday, the Dow Jones plunged 800 points, the Nasdaq fell 200 points, and the S&P 500 tumbled three percent.
Gold is doing well, picking up $20 to $1,664. Ditto for Silver, which added a dime to $17.35.
So, what the heck is happening? The coronavirus. Or, everyone is really upset that Senator Elizabeth Warren (D-MA) dropped out of the 2020 election race.
The death toll has topped 3,300 and confirmed cases will be at 100,000 by the beginning of next week. The worst part, however, is that it is spreading globally. South Korea, Italy, and Iran are reporting a huge spike in cases. South Africa reported its first case. And the U.S appears to be gradually increasing its number of infections.
The Fed stimulus may not doing anything, and the federal government’s $8 billion package looks like it is only driving up coronavirus stocks for now.
These are some crazy times.
Grab your N-95 masks, stockpile your Mr. Noodles, and hold your gold close!
Leave a Comment