Stocks explode higher despite miserable news
|Equities across the globe exploded higher on Thursday, and US benchmarks were seen 4% stronger, while EU indices were also trading with gains, ranging from 1 to 4%.
Earlier in the day, the US initial jobless claims rocketed to record highs from 282,000 to 3,283,000. Brutal!. Just for comparison, during the deep financial crisis back in 2008-2009, initial claims averaged circa 700,000. Today's number is three times worse than during the last crisis.
Additionally, the Bank of England left monetary policy unchanged, and the main remained at record lows of 0.1%. The central bank stands ready to support the crashing economy.
The same goes for the Fed, as Jerome Powell said today that the Fed still has plenty of options on how to fight the current crisis. Negative rates are probably coming soon.
In the FX land, the dollar continued to ease today, with the EURUSD pair pushing toward 1.10 and the USDJPY pair dropping below 110.00.
Gold and silver rose again, with both metals adding 1%. Oil was still under pressure and dropped some 2% during the US session as it traded at around 23.80 USD.
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