Bitcoin, Gold are Not Rising Because of Major Market Manipulation

16m
bitcoinist

FOMO Risk? THETA Outpacing Bitcoin With 1000% Gains Since March Crash

26m
cryptonewmedia

Chain Reaction - Ian Cassel: A Legendary Investor’s Search For A 100-Bagger

33m
letstalkbitcoin

Number of Countries Seeking IMF Bailout Nears 100

33m
beincrypto

Bitcoin [BTC] Prepares for Volatility with CME Contracts Expiration this Week

1h
coingape

Bitcoin Must Break $9,100 To Avoid A Major Downtrend: Here’s Why

2h
newsbtc

BTC/USD Retraces Higher from 2-Week Lows: Sally Ho's Technical Analysis 26 May 2020 BTC

4h
cryptodaily

Bitcoin Derivatives Data: After 15% Crash, BTC Is on the Verge of Recovering

4h
bitcoinist

Bitcoin Price Hits Two-Week Low, Garnering Interest from Small Investors

4h
cryptocurrencynews

Over 310,000 Bitcoin has Left Exchanges Since “Black Thursday”

5h
newsbtc

Power Ledger Extends Blockchain-Based Energy Trading to Thailand

5h
bitcoinnews

Bitcoin’s Break Below a Key Level has Opened the Gates for a Move to $5,900

6h
bitcoinist

Bitcoin Could Confirm Recent Decline as a “Huge Bear Trap” if It Reclaims $9,200

7h
newsbtc

Khloe Kardashian’s Trashy Behavior Is Co-Signed By Tristan Thompson

7h
cryptonewmedia

Bitcoin Miners Spark Second Capitulation Of 2020. How Long Will It Last?

7h
zycrypto

Persona: Stephen Cole

7h
tokendaily

Meghan Markle & Prince Harry Will Not Find Relief in New York City

8h
cryptonewmedia

Visa Approves New DeFi-Enabled Crypto Card in EU and UK

9h
cryptonewmedia

Swiss Government Supports Blockchain Startups Offering Over $10 Million USD The Top 5 Cryptocurrencies to Mine [2020] Coldplay Bassist Launches Into Cryptocurrency, Backing New App The Coinbase Pump: OmiseGo (OMG) Sees A Massive Surge JPMorgan: Digital Currency Threat To Dollar Domination Coinbase Adopts A Remote-First Approach After Lockdown Lifts Bank Of France Successfully Launches Blockchain-Based Project Supernodes Across Europe Attacked By Cryptojackers To Illicitly Mine Monero Andreessen Horowitz On Crypto Entrepreneurs: “Excited To See What They Build” Elon Musk Confirms He Still Owns “Only 0.25 Bitcoin” Lambo 2020: Stamped In Time With New Collectable

9h
coininsider

Elon Musk & Grimes Are Using Their Son’s Name as a Selfish Art Experiment

9h
cryptonewmedia

Ethereum’s Macro Bear Structure Strengthens as Analysts Eye a Massive Decline

9h
bitcoinist

Spot-Driven Retail Selling Sparked Sunday’s Bloody Bitcoin Selloff

10h
newsbtc

Trader explains where Bitcoin price will go after $9k drop, believes Altcoins are set to moon

10h
zycrypto

Old Bitcoin Miner Proves Craig Wright has No Access to 145 Tulip Trust Addresses

10h
newsbtc

Bitcoin Price and Technical Market Analysis May 25th, 2020

11h
bitcoinnews


Dow Jones in Denial as Gut-Wrenching Unemployment Data Hits

The U.S. stock market secured another strong advance on Thursday, despite an economic bombshell of historic proportions. The Dow Jones Industrial Average (DJIA) soared nearly 500 points after this morning’s jobless claims revealed a further 6.6 million unemployed.

A gut-wrenching 16 million Americans have now filed for unemployment over the last three weeks. The figures came in just shy of JP Morgan’s 7 million estimate but way higher than the consensus 5 million. Beth Ann Bovino at S&P Global Ratings declared a full-blown recession.

These dismal numbers suggest another record-breaking April jobs report … America is now in recession and as it appears to deepen, the question is how long it will it take before the U.S. recovers.

Some investors think the stock market, which has climbed 25% from its March 23rd bottom, is in denial. Mark Cuban said he’s “surprised” at the relief rally and doesn’t think traders understand how deep this could go.

The Dow Jones recovered from a wildly-volatile futures session to soar at the opening bell. By 9:50 am ET, the DJIA had rallied 452.75 points or 1.93% to 23,886.32.

This week has been marked by a strong relief rally as stocks bounce off the March 23rd lows, and the S&P 500 and Nasdaq rose in tandem with the Dow.

At last check, the S&P 500 was up 1.88%, while the tech-heavy Nasdaq had gained 1.45%.

Thursday’s jobless claims report has become a weekly fixation since America implemented strict coronavirus lockdowns. The policy has plunged the country into an unemployment crisis worse than the 2008 Great Recession.

With 15 million claims in three weeks, the crisis dwarfs the levels we saw in 2008/2009. The total number is likely to hit 20 million by the end of April and Bovino at S&P Global Ratings predicts it will impact 15% of American workers before the crisis resolves. Bovino said we’ve never seen anything like it.

It’s unbelievable that I am saying this. It’s mind-boggling.

Despite the horrific numbers, the true impact is likely even higher. Reports show that gig workers and the self-employed are struggling to make claims. Although the welfare support has been extended to them, many states have been slow to update their website and claims process. The result is many thousands unable to claim yet.

The figures reported each Thursday are also revised the following week. In recent weeks we’ve seen the figures revised up to reflect the true scale of the damage.

As many as 50 million total jobs are vulnerable during the coronavirus lockdown crisis. These are described as non-essential roles that cannot be performed from home. For example, hospitality, service, retail and construction. As the crisis drags on, company cash flow is disappearing, making layoffs even more likely. Globally, the number of impacted workers is 2.7 billion.

Anecdotally, some unemployment offices say they are fielding up to 500 calls every hour.

All this brings us back to the stock market. Despite the devastating numbers, the stock market remains firmly in ‘relief rally’ mode, stubbornly pushing higher into today’s open. Investor and Dallas Mavericks owner Mark Cuban thinks the bulls are in denial.

I’m surprised. I think this is kind of buy the rumor and potentially we sell the news when reality sets in. I think people are naturally optimistic right now in terms of the market. I just don’t think they are really factoring in what we are going to see on the other side.

As CCN Markets reported, Cuban was a buyer two weeks ago near the bottom of the initial crash. He claims he hasn’t bought any stocks since and is now building a cash position in readiness for the next drop.

This article was edited by Samburaj Das.

Last modified: April 9, 2020 1:52 PM UTC

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments