Thinnest of reeds which is why the averages were able to war today. The dow which gained 470 points, s p advancing 2. 28 . Its hard to find a positive button house of pleasure the nasdaq gaining 1. 72 . All right, what happened okay, this morning President Trump told us hes brokering a deal between russia and saudi arabia so theyll stop flooding the world with oil that will help the price of crude to rebound back to the 20s and trigger a short rally in the stock market. One that couldnt be taken down by the shroud of gloom even as the shroud kept trying to take it down. Intermittently until being ripped from the markets rarely bullish face buy, buy, buy yep, we live in a bizarre world where wall street can momentarily overlook the fact that 6. 6 million americans filed for Unemployment Insurance last week a mindblowingly horrible record breaking number. Instead, we briefly able to accentuate the positive. It might not collapse, saving billions of bad loans and preserving Energy Indepen
And say the market is reaching extremes of being oversold theres been signs of internal panic and we were set up for at least some kind of snapback. A couple caveats there, we did have a couple tuesday rallies of 5 and 6 the past couple weeks that did not arrest the downtrend. One thing you can hang a little bit of weight on right now is the fact that over the past several days youve been able to look below the surface of the indexes and see more differentiation, separating winners from losers and a little more stock picking and less indiscriminate selling all sets us up for a good bounce on obviously expectations of policy traction that were getting from the fed and congress likely. All that seems to say its a bounce, a very strong one, its an overdue one will it carry on to anything i dont know that we can say for sure, but i like to say every bottom start with a bounce, not every bounce becomes a bottom. In the meantime just i think to put your point into one phrase, its turnaround
Something we havent seen for the dow and s p in more than a ho month and a half to wilfred frost who has breaking news. Hi, morgan. Yes, james gorman the chairman and ceo of Morgan Stanley sent a note out to colleagues that were seen by myself and the content confirmed by a spokesperson at Morgan Stanley, in it he said, quote, 90 of our employees are working from home. As a result the normal bonds created by every day interactions with colleagues have been impacted and im hoping my perspective on the firm and crisis will be helpful and you have all seen the Federal Reserve actions are extraordinary but given the circumstances necessary markets cannot function without liquidity and they have taken real steps to address this critical issue he went on to say, slowly, governments across the world are putting aside their politics to arrive at blockbuster support and stimulus packages. Way too many people have lost their jobs overnight and it is central for government to act as aggressive as
Screen. And we look at buying opportunities intact. Ben, carlton and. [inaudible] all practicing social distancing, thank you for letting us into your homes, i promise i will try not to stare at the background behind you for personal details. Ill do my best. Then, let me go right to you about the market. I used to know a thing or two about how the stock market works. You had your ups and downs, you waited them out, you got good returns over time, i not only just watched a bull market turn into a bear market in record time, i briefly watch that bear make it turn into a bull market in record time. What in the holy blue is going on with the market. I wish i could tell you. The only thing we can really know right now is that it is volatile. Through tuesday the market had been averaging 6 . Day. It hadnt done anything like that since the great depression. These kind of moves that were seeing come from the unknowable thats out there. Before we were worried that the Financial System was melti
Screen. And we look at buying opportunities intact. Ben, carlton and. [inaudible] all practicing social distancing, thank you for letting us into your homes, i promise i will try not to stare at the background behind you for personal details. Ill do my best. Then, let me go right to you about the market. I used to know a thing or two about how the stock market works. You had your ups and downs, you waited them out, you got good returns over time, i not only just watched a bull market turn into a bear market in record time, i briefly watch that bear make it turn into a bull market in record time. What in the holy blue is going on with the market. I wish i could tell you. The only thing we can really know right now is that it is volatile. Through tuesday the market had been averaging 6 . Day. It hadnt done anything like that since the great depression. These kind of moves that were seeing come from the unknowable thats out there. Before we were worried that the Financial System was melti