Your Weekly blip 9/11/20

Your Weekly blip 9/11/20

Stocks finished the trading week on a mixed note with the Dow up while the NASDAQ was down. At the close the Dow gained 131 points to 27,665. Trading volume was down for the day. IBD has markets as “rally under pressure”. For the week the Dow was down about 1.5%.
The US Labor Dept reported that consumer prices increased 0.4% last month and is up 1.3% over the past year as the rate of inflation appears to be increasing. Driving the CPI higher has been the price of used cars which shot up as people shopped for cheap cars as public transportation was restricted. The price jump in the used car space was the most in 51 years going back to 1969.
On September 22nd Tesla will host its annual meeting in Fremont, CA and immediately following that the company will have its “Battery Day” event. Battery Day is being watched with anticipation since gurus are speculating Tesla will unveil its million mile battery which could revolutionize the EV market by lowering the cost of the car and extending range and life. Besides Tesla, GM, Volkswagen and BMW are all working on their own versions of the million mile battery. GM claims to be close to a breakthrough but analyst point out that right now the only company with the manufacturing ability to mass produce a million mile battery is Tesla. We will be watching the event and you can expect volatility in Tesla to remain high heading into it.
On this 911 anniversary let’s take a moment to remember those who perished and to say thanks to all those who selflessly took action to save lives and defend the nation. They are the best among us.

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