Jobless Claims hit 30 million, Stocks Tumble, Hope for Treatment & Vaccine
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1. U.S. jobless claims climb 3.8 million in late April to push coronavirus total to 30 million— MarketWatch
The numbers: Some 3.8 million American workers who just lost their jobs applied last week for unemployment benefits, bringing a record number of layoffs during the coronavirus crisis to about 30 million in a month and a half.
The unemployment numbers continue to paint a bleak picture for the economy as another 3.8 million claims were filed to round out the month of April.
And of course, markets reacted…
2. Dow Jones Dives Over 400 Points On Jobless Claims, Earnings; Apple Hits Buy Point Ahead Of Earnings Results — Investor’s Business Daily
The Dow Jones Industrial Average tumbled more than 400 points midday Thursday on corporate earnings results and worse-than-expected jobless claims, as the stock market rally continued. Dow Jones stock Apple hit a new buy point ahead of the company’s earnings report after the close.
In stark contrast to yesterday, the markets took a nosedive on news of jobless claims and earnings reports.
I know next to nothing about the stock market, but from afar…everything seems pretty crazy right now. Be careful out there.
Federal Reserve Chair Jerome Powell has sketched out an altogether bumpier ride for the U.S. economy than many are predicting — one that sees business activity stop and start for months to come, until an effective treatment or vaccine for the novel coronavirus can be found.
V-shaped? U-shaped? W-shaped? The list of potential shapes used to describe the future of the economy continues to grow.
V seems overly optimistic. W seems reasonable…but even that may be too optimistic according to Fed Chairman, Jerome Powell.
“We want to go quickly, but we want to make sure it’s safe and it’s effective,” Fauci said. “I think that is doable if things fall in the right place.
“Remember, go back in time, I was saying in January and February that it would be a year to 18 months (to develop a vaccine), so January is a year, so it isn’t that much from what I had originally said.”
Yes, it’s far away…but this is still pretty encouraging news. Let’s hope things keep trending in the right direction for treatments and a vaccine.
5. Twitter highlights…
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