Stocks roar, with Dow spiking 1,300 points, after Senate passes $2 trillion stimulus bill
Source: Washington Post
A dismal unemployment report failed to pop Wall Street’s buoyant mood on Thursday, with stocks running to their third straight day of gains following the federal government’s pledge to shower trillions of dollars on U.S. citizens and commerce. The Dow Jones industrial average advanced more than 1,300 points, more than 6.2 percent, Thursday, capping its third straight day of gains. The Dow has come back at least 20 percent since Monday, and is on track for one of its best weeks in history.
The blue chip rally has been powered by aerospace giant Boeing, which has seen a resurrection of its stock price this week on word that federal aid is on the way. Boeing shares were up 13 percent Thursday afternoon, trading at nearly $180 per share. The stock price was below $100 on Monday. The Standard & Poor’s 500 index was up 6.1 percent. The broad index is up more than 15 percent since Monday, its best three-day run since 1933. The Nasdaq composite jumped 5.6 percent.
“It’s proof that greed isn’t dead, and neither is optimism” said Michael Farr, president of Farr, Miller & Washington, an investment management firm. “Investors are anxious to have the worst behind us, but with 3 million unemployed and the number likely to go higher, it’s premature to say this market has made its lows.”
The coronavirus bill the Senate passed Wednesday night is the largest economic intervention in U.S. history. It will provide checks to more than 150 million American households, launch massive loan programs for businesses, and direct spending to unemployment insurance programs, hospitals, localities and more. The relief cannot come soon enough for those who have already lost jobs, shuttered businesses and face daunting months ahead. A record 3.3 million Americans applied for unemployment benefits last week, the Labor Department said Thursday.
Read more: https://www.washingtonpost.com/business/2020/03/26/market-stocks-economy-stimulus-coronavirus/
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I think they are doing what is commonly called "bargain hunting" (and re-balancing). The unemployment rate is not going to suddenly go down when the stimulus money starts flowing because of state shutdowns and a raging virus. People might end up with some money to take care of bills and buy stuff but if most businesses are closed, there won't be any place for them to "spend" that money. 
on my local news radio about 35 minutes ago that re-aired about 5 minutes ago (Bloomberg business reporter who they subscribe to) and the disconnect with the stimulus money vs WHY there is unemployment right now, was breath-taking.
Actual statement -
And then going on about how the infusion of money will mean that businesses will reopen and people will be able to go back to work now.
^^^ignoring that THIS is still floating around
play by rules while others can get a waiver.....................and have swaps.....................what could possibly go wrong..................
https://www.democraticunderground.com/10142456968
It is oozing all over the business world and I just posted upthread about what they were trying to promote - https://www.democraticunderground.com/10142456989#post8
