Thank you and goodbye Starbucks!
Activist investor Bill Ackman exits his position in Starbucks after Pershing makes a 73% return.
Not bad Bill!
Tesla stocks seem to be experiencing a case of bipolar slipping 21%
The biggest drop on record!
In other news, things have taken an unexpected turn in Washington.
Mitt Romney has said Trump must be thrown from office…
An emotional Mitt Romney has denied Republicans a clean-sweep in the pending acquital of Donald Trump.
Trumps son Donald Trump Jr. took to twitter stating that Mitt was “now officially a member of the resistance & should be expelled from the GOP.
Back to markets.
Last night, U.S. stocks rallied to an all-time high, while Treasuries slumped on speculation efforts will succeed at minimizing the economic impact from the coronavirus. Crude oil rallied after tumbling into a bear market.
The S&P 500 Index’s three-day gain topped 3%, and the Nasdaq indexes added to records. Risk sentiment got a boost overnight after a string of reports on possible vaccines, but the World Health Organization later said there are no proven therapeutics. Treasuries retreated, sending 10-year yields above 1.64%, even as more quarantines were announced in an effort to control the virus. Energy producers surged as crude rallied the most in almost a month on the prospect of OPEC output cuts.
Havens including the yen and Swiss franc slipped. The dollar rose, with data showing U.S. firms added more jobs than economists’ forecasts in January. Copper jumped 1.7%.
U.S. stocks continued their torrid rebound from the virus-fomented sell-off as optimism mounted that the spread will be contained and more central banks signaled a willingness to act if the virus undermines demand, inflation and financial markets. Better-than-forecast corporate earnings also continued boost equities.
The SPI is up 53 points this morning.