Your Weekly Blip 10/2/20

Your Weekly Blip 10/2/20

Markets opened lower after President Trump and the first lady tweeted they had tested positive for the covid virus. While hoping for the best and a full recovery this news means the market will be in quarantine for the next couple of weeks with each tidbit of news driving volatility. At the close the Dow was down 134 at 27,682. Trading volume was higher for the Dow but lower for the NASDAQ. For the week the Dow posted a 2% gain.
White House physician Dr. Sean Conley has put Trump under quarantine and VP Pence is standing by in case the President’s condition were to take a turn for the worse. An analyst at European based Rabobank summed up the news when he said “To say this could potentially be a big deal is an understatement”.
Boeing made it official saying it would move 787 production to South Carolina and keep existing and planned 737, 747, 767 and 777 production in the Puget Sound region. Moving the 787 to South Carolina should be done by mid next year. This news did not sit well with political leaders and Gov Inslee estimated that 1,000 jobs are at risk which while not good, appears to be less than initially feared although the full affects of the move are not yet known.
The September jobs report showed 661,000 jobs were created in September which missed estimates while the unemployment rate fell to 7.9% which was better than expected. The sobering statistic within the data was the percentage of people with permanent job losses increasing to 36%. Within the figures, education and gubment jobs declined by 216,000 while manufacturing rose by 66,000. The report showed the recovery continues but the pace is slow.

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