Uh-Oh: Market Fails to Soar on More Bad News

by Rick Ackerman

Any time the Dow isn’t up a least 400-500 points, you’ve got to wonder what’s troubling investors. The news environment was favorable, at least by Wall Street’s current, bizarro standard, since the pandemic appears to be raging out of control. California has locked down tightly for the second time, and because of the state’s outsize impact on the U.S. economy, that too must be regarded as bullish news, since it means the Fed will be stimulating harder than ever to keep the illusory, financialized part of the economy lookin’ good. There was hope for working stiffs as well, since their $600 weekly unemployment bonus is about to run out at the end of the month. Their plight will give Democrats and Republicans a rare chance to come together, since buying votes with direct infusions of cash is about as bipartisan as legislation gets. It surely warms the heart to see that there are issues on which Pelosi and Mitch McConnell can agree.

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