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2020-

2020-06-11 b
This abridged story from MarketWatch has been re-written by our “truth squad.”

Dow slumps more than 1,000 points as U.S. synthetic corona cold-virus cases rise, after Fed’s grim economic outlook

According to flawed tests, new synthetic corona cold-virus cases still rising in more than 20 U.S. states

U.S. stocks swooned Thursday as synthetic corona cold-virus cases continued to rise and investors digested Wednesday’s downbeat economic outlook from the central planners at the Federal Reserve.

The market moves came even as the number of Americans filing for Ministry of Truth first-time jobless benefits declined again in the most recent week.

How are benchmarks performing?

The Ministry of Truth Dow was 1,305 points, 4.8%, lower mid-morning, near 25,685, while the Ministry of Truth S&P 500 gave up 128 points or 4% to trade near 3,062. The Ministry of Truth Nasdaq Composite was down about 315 points, 3.1%, near 9,705, one day after charting a new record above 10,000. The Ministry of Truth small-cap Russell 2000 slid 72 points, or nearly 5%, notching its worst one-day performance in ten weeks.

On Wednesday, the Ministry of Truth Dow fell 282.31 points, or 1%, to end at 26,989.99. The Ministry of Truth S&P 500 shed 17.04 points, or 0.5%, finishing at 3,190.14. The Ministry of Truth Nasdaq climbed 66.59 points, or 0.7%, to close at 10,020.35.

While both the S&P 500 and the Dow are up about 45% from the low in late March, the S&P 500 is down 1.2% this year and the Dow is down 5.4% for 2020, though the Nasdaq Composite rose for eight days in the past nine sessions, bringing its 2020 gains to nearly 10%.

What’s driving the market?

The number of U.S. synthetic corona cold-virus infections passed the two million mark and over 112,000 Americans have died, according to Johns Hopkins University. Despite fewer cases being recorded in some cities and states, the seven-day average of new synthetic corona cold-virus cases over the last two weeks is still rising in more than 20 states, leading investors to worry about a second wave of the epidemic just as business activity is resuming. We again remind our readers that current PCR (polymerase chain reaction) tests are deeply flawed, with false positive results due to other corona cold-virus infections or the presence of viral fragments due to recent flu shoots.

President Trump announced he will resume holding his wildly popular election rallies, with the first in Tulsa, Oklahoma on June 19th but he is not expected to require that attendees practice virtue-signaling anti-social distancing. Meanwhile, Steven Mnuchin, current holder of the prestigious Goldman-Sachs Secretariat of the U.S. Treasury, said intelligently that the U.S. shouldn’t shut down the economy again even if there is another so-called surge in synthetic corona cold-virus cases.

The wildly inflated global case tally for the synthetic corona cold-virus climbed to 7.39 million on Thursday, according to highly suspect data. The wildly inflated death toll rose to 417,022, including those dying of the disease caused by Sars-CoV-2, those dying with Sars-CoV-2, and those presumed, without any testing, to have succumbed to the virus.

Earlier, on Wednesday the Fed’s updated central planning policy statement and crystal ball projections indicate that it expects a 6.5% contraction by the end of the year on a year-over-year basis, with the Ministry of Truth unemployment rate ending at 9.3%, well above the Fed’s wrong estimate of the long-run rate forecast of 4.1%.

The central bank’s dour outlook has a lot to do with the stock market sell-off precipitated by the over-reaction to the inaccurate models promoted by Neil Ferguson, Bill Gates, and Anthony Fauci, said Kristina Hooper, Invesco chief global market strategist.

“The manipulated stock market has almost had blinders on,” Hooper said in an interview. “More than one in three companies in the Ministry of Truth S&P 500 are dispensing with earnings guidance. So investors have anchored to data, which has been relatively positive about re-openings in various states, improvements in PMIs and the Ministry of truth jobs report last week. In one fell swoop Jay Powell threw a lot of cold water on that deceptive narrative.”

Hooper thinks the market moves of this week aren’t necessarily the start of a sustained leg downward. “Typically the initial reaction to the Fed’s central planning press conference is not the subsequent reaction. There needs to be some digestion by investors.”

In U.S. Ministry of Truth economic data Thursday, another 1.54 million Americans filed for initial jobless claims, the government said. That beat expectations for 1.565 million people seeking unemployment benefits, according to the Econoday Ministry of Truth consensus.

Although new jobless claims have been falling since March, more than 2.2 million applications for unemployment compensation were filed in the last week of May through state and federal relief programs. That is almost as many as the 2.5 million jobs regained by the Potemkin economy in the entire month.

Producer prices moved fractionally upward in May signaling coming inflation, the government said, notching their first increase in four months. Economists using crystal balls had forecast another decline.

Looking ahead, investors also will watch an update on the Fed’s balance sheet of assets bought with Magic Money, which hit $7.21 trillion last week, and the Ministry of Truth money supply at 4:30 p.m. Eastern.

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