Your Tuesday Market Blip 2/25/20

Your Tuesday Market Blip 2/25/20

Stocks were dismal, again, as traders continued to reduce their potential exposure to the coronavirus. New cases continue to pop up around the world, and it’s making the markets very nervous. The U.S. now has 53 confirmed cases, 36 of those are a product of the Diamond Princess cruise ship. Only 2 of these cases are currently from person-to-person contact here in the U.S. – the other 15 are cases from people coming back from overseas travel. The Dow was off another 879 points today, totaling 1,910 points for the week, and now sits at 27,081.
On a positive note, the consumer confidence index moved higher from January to February. Consumer spending still continues to be optimistic on the back of a strong jobs market and hiring. Seventy percent of the U.S. economy is based on consumer spending, so this should make corporations feel a little less nervous. It will be interesting to see what the index looks like in March.
This should be also good news for the new grocery store in the Capitol Hill neighborhood. Amazon is opening their first full-size Amazon Go grocery store there, which has taken them five years to build. It will have the usual packaged grocery items, and will also have produce, bakery, and meats. That has to be some super smart AI technology to monitor fresh items, or we’re all going to have bellies full of RFID chips.

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