U.S. stocks rebounded sharply on Wednesday, warming finally to the Federal Reserve’s surprise interest rate cut and support from other central banks, as well as the increased chances of former Vice President Joe Biden becoming the Democratic Party’s presidential candidate in November’s election after the primary vote Tuesday.
“If you are bullish, this is fantastic,” he said. “The Fed is getting out ahead of any weakness in economic data to restore confidence.” The bounceback in stocks on Wednesday came after the Fed jolted markets with a half-a-percentage-point rate cut on Tuesday, saying that while the economy’s fundamentals remain strong, the “coronavirus poses evolving risks to economic activity.” Investors are now encouraged by other global central banks following suit, with the Bank of Canada also lowering rates by half a percentage point to 1.25%
“Any little bit of good news, or bad news, regarding some mix of politics and viral information, is going to be moving the markets pretty dramatically,” said John Cunnison, chief investment officer at Baker Boyer, in Walla Walla, Washington.
Has anyone checked to see if paulkrugman is okay?
My dad’s advice: It’s the best time to buy stocks as they are low—due to people’s nonsensical fear of the Coronavirus.
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