Economic Data

The Market Looks Past 3.28 Million Newly Unemployed and Soars: Is That Crazy?

By Shah Gilani, Capital Wave Strategist, Money Morning • Friday, March 27, 2020

Initial jobless claims for the week ending March 21, 2020 were a record 3.28 million.

That's 11.6 times the week before when 281,000 claims were filed, and 4.72 times the previous record of 695,000 Americans seeking benefits way back in the week ending Oct. 2, 1982.

But that didn't stop the Dow Jones Industrial Average from soaring 1,351.62 points, or 6.38%, to 22,552.17 yesterday.

Is that crazy? No and yes. When you put this rally in context, it looks one way.

But we cannot forget what's coming for us...

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Early this week unemployment claims were nearing 280,000... and tomorrow they were reported at over 3 million. Here's what the career crisis means for you and your money... Read More...