Baltic Dry Index. 635 -08 Brent Crude 27.00
Spot Gold 1685
Coronavirus Cases 01/5/20
World 3,294,576
Deaths 233,506
Happy Birthday
Great Britain. You are 313 years old today.
The details of the Treaty were agreed on 22 July 1706, and separate Acts of Union were then passed by the parliaments of England and Scotland to put the agreed Articles into effect. The political union took effect on 1 May 1707.
https://en.wikipedia.org/wiki/Treaty_of_Union
First the good news. Yes, on what was another very bad day for US unemployment, there was still some good news for our Fed fantasy stock market bubbles. The Dow and SP 500 had a very good April.
After the best April for the Dow and S&P 500 in 82 years, is ‘sell in May’ in the coronavirus era a smart strategy?
April 30, 2020 /
12:39 AM
NEW YORK (Reuters) - World equity benchmarks dipped on
Thursday to close their best month in 11 years as a rebound in oil prices,
encouraging early results from a COVID-19 treatment trial and expectations of
more government stimulus helped ease the pain of February and March.Safe-haven assets including the dollar and government bonds were little changed, reflecting an unsettled market weighed down by concerns about containing the coronavirus outbreak and jobs data in the United States that was worse than expected.
“It’s a hope-based rally rather than an evidence-based rally,” said Anthony Doyle, cross-asset specialist at fund manager Fidelity International in Sydney.
There were still worries about a second wave of infections, Doyle said, adding that huge piles of cash waiting to go back into the markets suggest investors remained nervous.
MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.79% following broad losses in Europe and gains in Asia that pushed Japan's Nikkei .N225 to a seven-week high.
The index gained 10.5% in April, its best month since an 11.3% gain in April 2009 as the markets were recovering from the 2008 financial crisis.
On Wall Street, the Dow Jones Industrial Average .DJI fell 288.14 points, or 1.17%, to 24,345.72, the S&P 500 .SPX lost 27.08 points, or 0.92%, to 2,912.43 and the Nasdaq Composite .IXIC dropped 25.16 points, or 0.28%, to 8,889.55.
“We have gone back to a turbocharged version of the great financial crisis,” said Simon Fennell, a portfolio manager in William Blair’s global equity team, referring to how markets have surged on mass central bank and government stimulus.
More
https://uk.reuters.com/article/uk-global-markets/global-equities-dip-at-end-of-best-month-since-09-idUKKBN22B3HK
Now back to the real world where real people live.
Published: April 30, 2020 at 5:45 p.m. ET
President Donald Trump on Thursday said he could use tariffs to respond to China over its handling of the coronavirus pandemic. The Washington Post reported that U.S. officials are beginning to explore proposals for punishing China for its handling of the pandemic, adding to bearish sentiment on Wall Street SPX, -0.92%. The report said some administration officials have discussed having the U.S. cancel part of its debt obligations to China. Asked about that option, Trump said "I could do the same thing but even for more money, just putting on tariffs."
https://www.marketwatch.com/story/trump-threatens-use-of-tariffs-against-china-as-coronavirus-retaliation-2020-04-30?mod=home-page
Published: April 30, 2020 at 10:35 a.m. ET
The numbers: Some 3.8 million American workers who just lost their jobs applied last week for unemployment benefits, bringing a record number of layoffs during the coronavirus crisis to about 30 million in a month and a half.
The weekly pace of layoffs has slowed since peaking at 6.9 million at the end of March, but millions more are still expected to apply in the next several weeks. And many are still waiting for states to process and approve their claims.
Read:Millions of workers who’ve applied for jobless benefits still not getting money
The unprecedented surge in layoffs as business shutdown to combat the coronavirus
pandemic has pushed the unemployment rate to the highest levels since the Great
Depression of the 1930s. Pinning down the true level of unemployment isn’t
easy, but senior economist Sal Guatieri of BMO Capital Markets points out that
about 19% of the pre-crisis labor force has applied for benefits.
The official jobless rate will be released next week with the Labor
Department’s employment report for April.
Also:Pandemic eliminated all the 23 million jobs created after Great Recession
What happened: Last week, the states of Florida, Georgia, California, Texas and New York reported the biggest increases in new claims, according to the Labor Department.
The stunningly large number of job losses each week appears to be winding down, but the damage has been deep and widespread.
The number of people collecting unemployment benefits, known as continuing claims, jumped to 18 million as of April 18. These figures are reported with a two-week lag.
Just a few months ago, new jobless claims were in the low 200,000s and stood near a 50-year low. Only about 1.7 million Americans were collecting benefits. And the unemployment rate was at a half-century low of 3.5%.
More
https://www.marketwatch.com/story/us-jobless-claims-climb-38-million-in-late-april-to-push-coronavirus-total-to-30-million-2020-04-30?mod=home-page
Published: April 24, 2020 at 10:18 a.m. ET
The coronavirus pandemic has erased nearly all the jobs gains of the
last decade in just one month — and millions of people who still have their
jobs fear they’ll be next. New jobless claims in recent months have hit 26
million. Economists estimate the unemployment rate has jumped to between 15%
and 20%.
This is reflected in a new Gallup poll released this week, which paints
a dour picture for American workers: 25% of employed Americans now say it is
likely they will lose their jobs or be laid off in the next 12 months, compared
to 8% last year. Some 32% of employed Americans of color feel the same way,
versus 21% last year.
Employed women, lower-income Americans (those earning less than $40,000
per year) and non-college graduates worry more about the prospect of losing
their jobs compared to their counterparts, and nearly one quarter of employed
Americans earning less than $40,000 say they could be without a job for a week
or less before experiencing “significant financial hardship,” Gallup said.
---- Low-income renters are at a high risk of eviction, according to Mary Cunningham, a fellow at the Urban Institute, a left-of-center nonprofit policy group. The recent $2 trillion CARES Act, a federal stimulus package, “didn’t do enough to address increases in housing insecurity for the nearly 11 million low-income renter households paying more than half their income toward rent,” she said.
More than half (53.5%) of renters reported that they lost their job, concluded a survey made up of 2,775 landlords and 7,379 tenants by Avail, an online resource for landlords. The National Multifamily Housing Council tracked data from 13.4 million apartment units and found that 31% of renters had not paid their rent in the first week of April, up from 19% last year.
More
https://www.marketwatch.com/story/gallup-25-of-us-workers-fear-theyll-lose-their-jobs-due-to-the-coronavirus-pandemic-2020-04-21?mod=home-page
May 1, 2020 / 3:43
AM
SEOUL (Reuters) -
The coronavirus crisis sent South Korean exports plunging in April at their
sharpest pace since the global financial crisis, signalling a bleak outlook for
international trade as the pandemic paralyses the world economy and shatters
demand.
Exports dived 24.3% year-on-year in April, trade ministry data showed on
Friday, the worst contraction since May 2009 but slightly slower than a 25.4%
fall tipped in a Reuters survey. It slid 0.7% in the previous month.
The average exports per working day, excluding the calendar effect,
however, tumbled 17.4%, far worse than a 6.9% fall seen in March.
South Korea, Asia’s fourth-largest economy, is considered a bellwether
for world trade and is the first among major exporting economies to release
data on shipments.
The grim numbers underline the sweeping impact of the pandemic and
points to a rough period for international trade as factories struggle amid
collapsing global demand. On Thursday, factory surveys for China, the world’s
biggest exporter, showed plummeting export orders.
More
Drug proves effective against virus as economic damage rises
30 April 2020 06:15 am JST
NEW YORK
Scientists on Wednesday announced the first effective treatment against
the coronavirus — an experimental drug that can speed the recovery of COVID-19
patients — in a major medical advance that came as the economic gloom caused by
the scourge deepened in the U.S. and Europe.
The U.S. government said it is working to make the antiviral medication
remdesivir available to patients as quickly as possible.
“What it has proven is that a drug can block this virus,” said Dr.
Anthony Fauci, the U.S. government's top infectious-disease expert. “This will
be the standard of care.”
---- Still, word of the new drug came as the U.S. government reported that American economic output is shriveling in the biggest and fastest collapse since the Depression. The virus has killed over 220,000 people worldwide, including more than 60,000 confirmed deaths in the U.S., and led to lockdowns and other restrictions that have closed factories and other businesses around the globe.
The U.S. said its gross domestic product, or output of goods and services, shrank at an annual rate of 4.8% in the January-March period, the sharpest quarterly drop since the global financial meltdown of more than a decade ago.
And the worst is yet to come: The Congressional Budget Office has estimated that the GDP of the world’s biggest economy will plunge at a 40% annual rate during the three-month period that ends in June.
The latest figures on people applying for unemployment benefits in the U.S. come out Thursday, with economists estimating perhaps 1 in 6 American workers, or nearly 30 million people, have lost their jobs over the past six weeks.
The U.S. unemployment rate for April will be released at the end of next week, and economists have said it could range as high as 20% — a level last seen during the Depression.
Mario Franco, who worked at a McDonald’s at a rest stop along Interstate 95 in Darien, Connecticut, for 26 years, rising to night manager in charge of the kitchen staff, was laid off in late March. The 50-year-old said he has little savings and now relies on a food bank and union donations.
“They didn’t give us any notice,” he said through an interpreter. “They didn’t tell us about it. Just suddenly the night shift ended and that was it. There was no more work.”
Confirmed infections globally reached about 3.2 million, including 1 million in the U.S., according to a tally by Johns Hopkins University. The true numbers of deaths and infections are believed to be much higher because of limited testing, differences in counting the dead and concealment by some governments.
California-based biotech company Gilead Sciences and the U.S. government reported that in a major study, remdesivir shortened the time it takes for COVID-19 patients to recover by four days on average — from 15 days to 11. Also, a trend toward fewer deaths was seen among those on the drug, Fauci said.
The study was run by the U.S. National Institutes of Health and involved 1,063 hospitalized coronavirus patients around the world.
An effective treatment could have a profound effect on the outbreak, since a vaccine is probably a year or more away.
Economic damage, meanwhile, is piling up around the world.
The United Nations’ main labor body predicted the world will lose the equivalent of about 305 million full-time jobs in the second quarter.
It also projected that 1.6 billion workers in the “informal economy,” including those working beyond the reach of the government, “stand in immediate danger of having their livelihoods destroyed.” That is nearly half the global workforce of 3.3 billion people.
In Europe, almost every measure of the economy is in free fall. Figures due to be released Thursday are expected to show a drop of about 4% in the first three months of the year in the eurozone, and an even steeper hit is projected this quarter. Unemployment is expected to rise to about 8% in March.
The figure would be worse if not for massive amounts of government aid to keep millions of workers on payrolls. Government debt is exploding to cover the costs of such relief.
“The lockdowns to contain the COVID-19 pandemic are taking an unprecedented toll on the European economy,” said Florian Hense, an economist at Berenberg Bank.
In Paris, aircraft maker Airbus reported a first-quarter loss of 481 million euros ($515 million), laid off thousands of workers and sought billions in loans to pull through the crisis. U.S.-based rival Boeing said it is cutting 10% of its workforce and reducing the production rate of commercial jets.
Italy’s credit rating was lowered in the first downgrade of a major economy as a result of the crisis. Its rating stands just one level above junk bond status. Italy expects its economy to shrink 8% this year.
Germany’s economy minister said the government is projecting a contraction of about 11% in GDP by the end of the quarter. But he also predicted a sharp recovery in 2021.
Many economists are skeptical the U.S. economy will bounce back quickly later in the year, noting that the virus could flare up again or consumers and employees might be too worried to return to business as usual.
“The virus has done a lot of damage to the economy, and there is just so much uncertainty now,” said Mark Zandi, chief economist at Moody’s Analytics.
In other developments, Britain raised its death toll to more than 26,000 after adding more than 3,800 nursing home deaths that were previously not included.
With the crisis easing in places like Italy, France and Spain, European governments are making adjustments in their transportation networks to try to get their economies running again without setting off a second wave of infections.
In Italy, Milan is putting red stickers on the floor to tell bus passengers how far apart to stand. The Dutch are putting on longer, roomier trains. Berlin and many other cities are opening up more lanes to bicyclists. And in Britain, bus passengers are using the middle or rear doors to reduce the risk to the driver.
Apr 29, 2020
6:00am PT
Mac Brandt was one of the lucky ones.For the past six years, he’s made a living purely from acting, appearing in television shows like “Kingdom” and “Arrested Development,” and scrounging up enough jobs to pay the bills without having to tend bar or wait tables. But life changed drastically for Brandt and much of the entertainment industry in March, when work ground to a halt as the coronavirus swept across the country. Movie theaters have gone dark, soundstages have shut their doors and productions have been delayed indefinitely, leaving tens of thousands of people like Brandt jobless and forced to navigate a grim economic landscape.
“I was on ‘Station 19’ the other night and people must be going, ‘Oh this guy’s on TV; he must make a lot of money,” says Brandt. “But it’s a working-class industry. You have to string together enough work and keep auditioning in order to keep going. I can’t do that with everything shut down.”
In the meantime, Brandt has filed for unemployment and obtained deferrals on his mortgage and car lease payments. He’s going to refrain from paying off his credit cards, so he’ll have enough money to buy essentials. And he’s waiting for a $1,200 stimulus check from the federal government.
“If I paid all my bills, I wouldn’t have money for groceries,” says the 39-year-old actor. “So you prioritize. I’ve got two young kids, and the other night I was freaking out and thinking maybe I should get a job at Amazon.”
The shutdown has lasted for less than two months, but in that short time the fallout from the pandemic has brought the film, television, music and theater businesses to their knees. It’s the greatest economic calamity to ever hit Hollywood, Broadway and other entertainment business hubs, dwarfing the wreckage left by such recent catastrophes as 9/11 and the Great Recession. And it’s being felt most acutely by production designers, camera operators, makeup artists, grips, stagehands, ticket takers, casting directors and character actors, whose names may not adorn cinema marquees but whose work forms the backbone of the business.
In February, the Motion Picture Assn. estimated that the film and TV industry directly employs 892,000 people. It’s not yet known how many of those jobs have been lost, but it’s possible to make a rough guess. According to federal data, about 125,000 of those employees are movie theater ushers and concessionaires — nearly all of whom have been furloughed or laid off. Another 170,000 work as actors, directors, camera operators, lighting technicians, set designers and other production workers — a large percentage of whom are also not working.
Related industries have entirely shut down. Nationwide, about 72,000 people work for theater companies. Some 210,000 people work for amusement parks in the U.S., of which about 150,000 are employed in frontline capacities like food service, ride operations, security and janitorial service. The vast majority of them are now on furlough. In sum, several hundred thousand people in the entertainment business, broadly defined, have likely lost their jobs since the first week of March — many times more than lost their jobs in the Great Recession.
More
New York Post Publisher Tells Staff That Business Is ‘Drastically Disrupted’ by Coronavirus, Announces Layoffs
Updated Apr. 29, 2020 8:28PM ET / Published Apr. 29, 2020 6:54PM ET
The publisher of one of New York’s last remaining daily tabloids said
its business had been “drastically disrupted” by the economic impact of the
coronavirus crisis.
During a series of calls with staffers on Wednesday, New York Post publisher
Sean Giancola, announced that the company will take significant cost-cutting
measures to keep the publication afloat following the “significant decrease in
the advertising demand,” as business closures have shrunk budgets.
People familiar with the matter told The Daily Beast that more than a
dozen staffers were laid off. “The paper is dying,” said one staffer who was
axed.
---- The cuts come after News Corp announced they would stop printing 60 newspapers in Murdoch’s native Australia and the appointment of consultants Deloitte to help slash costs and restructure the business down under that boasts mastheads including The Australian and The Daily Telegraph.
Meanwhile across the pond Murdoch’s News U.K.—which owns The Times and The Sun—has asked some staff to take unpaid leave.
The Post’s top competitor, The New York Daily News, last week announced furloughs while other staffers were earlier hit with pay cuts of between 2-10% for any employee earning $67,000 or more.
Ten reasons why a 'Greater Depression' for the 2020s is inevitable
Nouriel Roubini Wed 29 Apr 2020 06.00 BST
Ominous and risky trends were around long before Covid-19,
making an L-shaped depression very likelyAfter the 2007-09 financial crisis, the imbalances and risks pervading the global economy were exacerbated by policy mistakes. So, rather than address the structural problems that the financial collapse and ensuing recession revealed, governments mostly kicked the can down the road, creating major downside risks that made another crisis inevitable. And now that it has arrived, the risks are growing even more acute. Unfortunately, even if the Greater Recession leads to a lacklustre U-shaped recovery this year, an L-shaped “Greater Depression” will follow later in this decade, owing to 10 ominous and risky trends.
The first trend concerns deficits and their corollary risks: debts and defaults. The policy response to the Covid-19 crisis entails a massive increase in fiscal deficits – on the order of 10% of GDP or more – at a time when public debt levels in many countries were already high, if not unsustainable.
Worse, the loss of income for many households and firms means that
private-sector debt levels will become unsustainable, too, potentially leading
to mass defaults and bankruptcies. Together with soaring levels of public debt,
this all but ensures a more anaemic recovery than the one that followed the
Great Recession a decade ago.
https://www.theguardian.com/business/2020/apr/29/ten-reasons-why-greater-depression-for-the-2020s-is-inevitable-covid
Elsewhere, as expected, restarting China is easier said
than done. I suspect that will be the case everywhere. After viewing the
graphic in the section below of how a cough quickly spreads through a plane,
there’ll be no fast rush back onto planes and the cruise line prison ships.
Chinese factories struggle to fire in April as slump in export orders deepens
April 30, 2020 /
2:25 AM
BEIJING
(Reuters) - China’s factories suffered a collapse in export orders in April,
twin surveys showed, suggesting a full-blown recovery appeared some way off as
the coronavirus health crisis shut down large parts of the world economy.
The sobering result comes amid moves by major nations to ease up on
lockdowns, underlining the stiff challenges facing businesses as policymakers
brace for the worst global slump since the Great Depression.
China’s official Purchasing Managers’ Index (PMI) eased to 50.8 in April
from 52 in March, the National Bureau of Statistics said on Thursday, but
stayed above the neutral 50-point mark that separates growth from contraction
on a monthly basis.
Analysts polled by Reuters had expected a PMI reading of 51.
Worryingly, a sub-index of export orders for the world’s biggest
exporter dived to 33.5 in April from 46.4 in March with some factories even
having their orders cancelled after reopening, said Zhao Qinghe, senior
statistician at the NBS.
Export orders in the private Caixin/Markit Manufacturing Purchasing
Managers’ Index (PMI) survey, also released on Thursday, contracted at the
fastest pace since global financial crisis. The survey, which focuses mostly on
small and export-oriented businesses, showed activity for Chinese factories
unexpectedly shrank this month.
“It is still too early to conclude that the Chinese economy is growing
again,” said Iris Pang, Greater China chief economist at ING.
“The Western world has yet to relax some of its city lockdowns. And even
after the lockdowns are relaxed, it is uncertain when demand will return to
pre-Covid levels due to strict social distancing measures implemented
domestically and in foreign economies.”
---- “The market’s optimism of a quick recovery in China is fading,” Nomura analysts said in a note. “We expect export growth to slump further to -30.0% in Q2 from -13.3% y-o-y in Q1 and real GDP growth to remain negative at -0.5% y-o-y in Q2.”
China’s economy took a heavy blow in the first quarter, shrinking an
annual 6.8%, the first contraction since current quarterly records began almost
30 years ago.
“The survey shows that as many as 57.7% of the factories surveyed have
reported a lack of orders. Some have said market demand is tepid, product sales
are difficult and it will take time for orders to come back again,” NBS’ Zhao
said.
More
"We shouldn't pour cold water on everything. We, the eight or nine players in global investment banking, have a very good future."
Deutsche Bank, CEO Josef Ackermann. Davos, January 2007.
Two financial crises in eleven years requiring massive
bailouts. What product do banks produce that mankind needs?
Covid-19 Corner
Though
hopefully, we are passing the peak of new cases, at least of the first
SARS-CoV-2 outbreak, this section will continue until it becomes unneeded.
Apr 29, 2020
07:05 AM
Doctors and scientists are still grappling with the mystery
of patients who continue testing positive for the Covid-19 virus weeks after
recovery, even as China declared the pandemic’s initial epicenter Wuhan free of
cases.More than 30 patients in Hubei province, including Wuhan, have recovered from disease but continue to test positive, said Jiao Yahui, an inspector at the National Health Commission, in an April 24 interview with the state broadcaster.
Most patients who recovered from the coronavirus tested negative on nucleic acid throat swabs around 20 days after the disease was first detected. But some took an excessively long period of more than 40 days to get negative readings, doctors said. And some patients who tested negative later returned to positive without showing symptoms, doctors found.
The emergence of recovered patients remaining positive in tests for the
virus raises the questions of whether they can still be infectious and how long
such people can continue spreading the virus. It also poses challenges to
global efforts to continue containing the disease while bringing society back
to normal as the outbreak seemingly wanes.
More
This visualization shows how droplets from a single cough can infect an entire airplane
April 29, 2020
The coronavirus pandemic has likely turned people off from
air travel for a bit, and this visualization produced by Purdue University probably won't change their minds.
The
motion graphic shows the aftermath of just a single cough on an airplane, with
tiny invisible droplets dispersing widely throughout the cabin, potentially
infecting a large number of fellow travelers. That's not a pleasant thought,
even in non-pandemic times.
More
According to experts, the pandemic's death toll could be vastly higher than we thought.
Victor TangermannApril 28th 2020
A new analysis found that during the early weeks of the
coronavirus outbreak, the number of excess deaths in the US far exceeded the
number of deaths attributed to COVID-19, according
to The Washington Post.In other words, the numbers suggest that the pandemic’s death toll could be vastly higher than what the government has been reporting so far.
Official records collected from the beginning of March through early April and released by the National Center for Health Statistics (NCHS) were analyzed by a team of Yale School of Public Health experts. The analysis showed an estimated 15,4000 excess deaths — twice as many as those attributed to the deadly coronavirus at the time.
The excess deaths, however, can’t directly be blamed on the virus itself, as the number likely includes those who didn’t seek medical treatment for other illnesses due to fear of catching the coronavirus at a medical treatment facility. Other factors, including statistical variabilities and fluctuations in different causes of death, could also explain the difference.
Even correcting for lags in reporting numbers — something the NCHS’s tally takes into consideration — only two thirds of excess deaths are accounted for, according to the Yale researchers.
More
Technology Update.
With events happening
fast in the development of solar power and graphene, I’ve added this section.
Updates as they get reported. Is converting sunlight to usable cheap AC or DC energy
mankind’s future from the 21st century onwards.
29 April 2020
Rolls-Royce has selected The University of Manchester’s Graphene Engineering
Innovation Centre (GEIC) and award-winning Versarien subsidiary 2-DTech Ltd
to help develop the use of graphene
and other 2D materials within next-generation aero engines.The initial programme will use the state-of-the-art chemical vapour deposition (CVD) equipment located within the GEIC.
The collaboration will look to explore, understand and create technological advances surrounding the use of graphene and other 2D materials used in wiring for next-generation aerospace engine systems.
The work will seek to use the unique properties of these 2D materials to reduce the weight of electrical components, improve electrical performance and also increase resistance to corrosion of components in future engine systems.
The programme aims to present potential economic benefits, through the possibility of significant cost reductions, and global environmental benefits, through the reduction of energy use and lower emissions from electrification.
Neill Ricketts, Chief Executive of Versarien, said: “The pursuit of sustainability has become an important goal for many companies in recent years. Rolls-Royce is one of the world’s leading industrial technology companies and today, the size and impact of the markets its serves makes this task more urgent than ever.
“Taking advantage of advanced materials such as graphene, has the potential to revolutionise these markets and add real benefit.
“The partnership with Rolls-Royce is a significant endorsement to 2-DTech’s work over the years and we are delighted it has been chosen by such a renowned business and look forward to working together.”
Dr Al Lambourne, Materials Specialist at Rolls-Royce, said: “Partnering with the GEIC and its members makes perfect sense to Rolls-Royce as we explore the opportunities and properties of a new class of 2D materials.
“Using the unique capabilities of 2-DTech and the GEIC we hope to address some of the challenges facing materials in the global aerospace industry, as we pioneer the electrification of future aircraft.”
James Baker, CEO of Graphene@Manchester, said: “The GEIC is intended to act as an accelerator for graphene commercialisation, market penetration and in the creation of the material supply chain of graphene and 2D materials.
https://www.manchester.ac.uk/discover/news/rolls-royce-to-work-with-graphene-experts-to-pioneer-the-next-generation-of-aero-engines/
Another
weekend and a scary weekend for the rising unemployed. We may not be doing a very good job of
killing off the Sars-Cov-2 virus which leads into Covid-19, but we have
collectively done an amazing job of killing off capitalism and the global
economy 1945 – January 2020.
Whether
we can do such an amazing job of restarting capitalism and the economy again seems
less certain. Have a great weekend everyone.
"a company for carrying out an
undertaking of great advantage, but nobody to know what it is"
1720 South Sea Bubble, London.
DJIA: 24,346 +26 Down. NASDAQ: 8,890 +162 Up.
SP500: 2,912 +89 Down.
The NASDAQ has rebounded to up. The S&P and DJIA remain down.
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