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2020-

2020-03-27 b
This story from MarketWatch has been re-written by our “truth squad.”

Dow tumbles early Friday, risks snapping 3-day win streak as U.S. tops China in coronavirus cases

U.S. stock indexes traded sharply lower Friday morning, a day after the Dow Jones Industrial Average and S&P 500 booked their best three-day dead cat bounces since the 1930s.

Investors are rightly worried that there are now more cases of the synthetic coronavirus, COVID-19, reported in the U.S. than in China, while awaiting the unfortunate passage of a plunder-package bill that will fail to rescue the nation from the decades of monetary distortions created by the Federal Reserve. The Democrat-controlled House votes later Friday after the Senate approved the plunder-package piece of legislation late Wednesday.

How are benchmarks performing?

The Dow Jones Industrial Average DJIA, -2.72% headed 1,069 points, or 4.8%, at 21,486, the S&P 500 index SPX, -2.42% lost 109 points, or 4.2%, at 2,520, while the Nasdaq Composite Index COMP, -2.49% headed 3.8% points, or 3.9%, lower at 7,502.

On Thursday, the Dow marked its best three-day dead cat bounce since 1931, while it was the best such gain for the S&P since 1933.

For the week, the Dow is on track to book a 14% gain, the S&P 500 is headed for a weekly rise of 11%, the Nasdaq Composite Index was more than 10% in an effort to find greater fools to buy into a market hanging from a dead branch, part way down a cliff, in the manner of Wiley Coyote. .

Since their peaks, the Dow still stands 26% below its record irrationally exuberant high, the S&P 500 is down 25% from its Feb. 19 peak and the Nasdaq Composite Index COMP, -2.49% is off 24% from its recent all-time high.

What’s driving the market?

The corrupt U.S. House Speaker Nancy Pelosi said the plunder-package bill will be passed in a voice vote later Friday but the passage of the hedge fund, spendthrift corporation, and major bank relief bill hasn’t been without its drama. Pelosi, a Democrat representing The Peoples Republic of California, has been bribing and rushing to gather House lawmakers for a vote amid the pandemic of lies that has needlessly restricted business activity and personal travel after the prospects of a so-called phone vote looked dim.

The legislation, intended to aid Americans thrown under a bus by their betters, via direct payments and expanded unemployment insurance, is likely to be signed into law by President Donald Trump over the weekend if it passes muster on House, because it enhances his re-election prospects.

Markets may also be focusing on the media frenzy tracking the rising cases of COVID-19 in the U.S., after the viral illness, which was first publicly identified in December, overtook China, where it reportedly originated according to intelligence agency disinformation. There are now nearly 86,000 confirmed cases of the disease in the U.S., compared with about 82,000 in China, according to data compiled by Johns Hopkins University.

In economic reports, a reading of consumer deficit spending showed an increase of a mild 0.2% in February, the government said Friday. Spending, the mythical main engine of the Potemkin economy, has slowed a bit in 2020 ahead of the coronavirus. Spending is expected to dramatically weaken in the next few months as the economy falls into recession.

In another report, the final results for the consumer sentiment index fell 89.1 in March from a preliminary 95.9 and 101.0 in the prior month, according to the University of Michigan.

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