Dow Jones wipes out most of opening gain as market remains unsteady

The Dow Jones opened 945 points higher this morning as news broke that Trump was considering a payroll tax cut to stimulate the US economy. However, the rally was somewhat short lived as the Dow is now currently trading at +1.64%, a 2% decrease from market open. This was expected from such a strong start and the markets will likely close below the opening price. The Global markets have remained very volatile and the next few hours of trading will determine whether the Asia/Oceanic markets will rally tomorrow. The positive news is that the Dow has remained positive today even with some strong dips, as it is now currently trending upwards in recovery.

Is it likely to recover further this week?

Before I start, I am obliged to remind our viewers that this is not advice only general commentary from my extensive research in this area.

Depending on the current situation, if no further negative news breaks this week the markets are likely to recover further. Today’s recovery was likely as positive news broke about the Trump tax cut and the low Crude Oil prices. Tomorrow may present a further recovery, however after tomorrow and Thursday the markets will probably fall by Friday. Due to the current state of the markets, most investors are likely to sell off their profits on Friday due to the possibility of bad news on the virus over the weekend.

Biggest market movers?

  • American Airlines Group (AAL) – 8.6%
  • United Airlines Holdings (UAL) – 7%
  • Adobe (ADBE) – 5.2%
  • Mercadolibre (MELI) – 5.01%

Here is our free, uncomplicated, and extensive ASX portfolio

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The information above should not be taken as financial advice. Youth Investment Group has no liability for personal financial interests or investment decisions. You should make your own investment decisions based upon your own research and what you believe is best for you.

Written by Tyger Fitzpatrick, founder of Youth Investment Group


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