| Wednesday, September 09, 2020 Headlines 1. US markets rally behind tech giants 2. Nasdaq posts best day since April 29 3. September is just being September 4. What Are You Worried About? 5. NYC to partially reopen indoor dining Markets Closed
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Markets Today What a difference a day makes, especially these days. U.S. markets rallied off the mat to post strong gains after a three-day selloff that brought the Nasdaq into a correction. The rally did lose a bit of steam towards the close, but big technology stocks regained strength, helping to lift the Nasdaq to its best day since April 29. The S&P 500 rallied 2.6%, its best day since June 5. Oil prices rallied 3% after several weeks of losses, but demand still remains an issue.
Today's rally says little about whether we have bottomed or hit a critical support level for the major indexes. Nothing has changed since last week when record highs were made and exuberance was high. In fact, the news, especially on vaccine tests, got worse between then and now. It's just that animal spirits are heightened, and investors are feeling the anxiety.
You are too, according to our recent survey. We all are.
Still, you have to admit, we look better in green.  Image courtesy Stocktwits PODCAST ALERT! The Investopedia Express On this week's podcast:
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Headlines:
 September Is Just Being September We told you the ninth month can be a challenging one for markets—especially in election years. 2020 is its own special case, of course, but historically, Septembers have been dreadful for equity performance following typically strong summer months.
Markets may rally from here after the recent drop, but there is still a fair amount of pessimism around the sectors that have led the gains. You can see it in the asset flows and in the stock prices of the mega-caps that have had all the momentum.  What You Are Worried About The recent run-up in the stock market until last week had many of you fearing that things were a little overheated, according to our recent survey. (Thanks again for participating in that.) Your main concern, however, is centered around the U.S. presidential election in November. It topped COVID-19 on your list of concerns, yet most of you do not plan to change your allocations or your future investments because of it.
We'll be rolling out more results from the survey in the coming days.  New York City to Resume Partial Indoor Dining New York City will allow indoor dining at restaurants at a limited capacity starting Sept. 30, Gov. Andrew Cuomo said Wednesday, lifting a six-month ban aimed at halting the spread of the virus.
Indoor dining had been one of the few remaining business activities awaiting approval to resume since the city began a phased reopening of its economy in June. While restaurants have been able to offer takeout and serve customers outdoors, the industry is operating at only 30% capacity, and more than half of New York's 300,000 restaurant workers have lost their jobs this year, according to the New York Hospitality Alliance.
As you may recall, Investopedia and NY1, our local cable news channel here in New York, have teamed up to track New York City's economic recovery by measuring data including unemployment, new COVID-19 hospitalizations, subway usage, and restaurant reservations, among other metrics. Six months into the pandemic, New York City is only about 30% of the way back to pre-pandemic levels. Persistently high unemployment, especially in the services industry, which includes restaurants, has been one of the hardest hit sectors in the economy. The unemployment rate for New York City was 19.4% in July (the latest reading for the metro-area). That's more than double the national average.
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(charts courtesy YCharts)  Shares of Qorvo are up by 7.5% after the semiconductor company announced that it's increasing its Q2 earnings and revenue guidance. Fellow chipmaker NVIDIA's stock price rose by nearly 7% following rumors that a new GeForce RTX 3060 graphics card is soon to be officially announced.  Shares of Tiffany & Co are down by over 6% after LVMH pulled out of its $16.2 billion deal to purchase the jewelry retailer. Under Armour's stock price fell by nearly 4% after the sports apparel manufacturer announced 600 global layoffs and a $75 million increase in restructuring costs. Word of the Day SupportSupport, or a support level, refers to the price level that an asset does not fall below for period of time. An asset's support level is created by buyers entering the market whenever the asset dips to a lower price. In technical analysis, the simple support level can be charted by drawing a line along the lowest lows for the time period being considered. The support line can be flat or slanted up or down with the overall price trend. Other technical indicators and charting techniques can be used to identify more advanced versions of support.  Photo credit : NYTimes
Today in History Sept. 9, 1974: The day after Pres. Gerald R. Ford pardoned Richard Nixon for the Watergate scandal, Wall Street tanked. Not many people cared about stocks anymore, but those who did were more eager to sell than buy: On thin volume of 11.2 million shares, the Dow Jones Industrial Average plunged 2.2%, to 662.94, on fears that the pardon would not put full closure to the scandal. The pardon, claims one broker, "weakens confidence in [Pres. Ford's] Administration and in his ability to deal with Congress on economic problems." The Dow, however, proceeded to soar by 24.9% over the next year.
The New York Times, Sept. 9, 1974, p. 1.
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Wednesday, September 9, 2020
Greenwashed
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