March 26 Market Update
Dollar Firms Against Gold, Other Currencies
Gold had a large midweek dip against the dollar and Treasury bonds, and though it tried to rally on Thursday it looks likely to have its first weekly fall in three weeks. It hit $1,734.55 by 9 a.m. EDT. Silver has been holding in a range of around $25.
Tech stocks climbed Monday with the S&P and the Nasdaq 100 both heading upwards. New economic measures could be on the horizon in the U.S., with reports hitting the media that up to $3 trillion in government programs might be added.
Tuesday brought some rough COVID-19 news as U.S. health officials say the information the company released about its trial may be outdated. Germany is planning to lock down again as cases swell. On the plus side, the Regeneron treatment showed 70% efficacy and Pfizer began testing a new COVID-19 treatment pill. Fed chair Jerome Powell and Treasury Secretary Janet Yellen began to brief Congress on the economy.
Global trade ground to a halt Wednesday as a container ship wedged itself into the wall of the Suez Canal, locking down one of the main trade routes for oil and many other commodities and goods. The E.U. tightened vaccine exports.
The ship stayed wedged on Thursday, costing roughly $400 million per hour. Tech companies in China dropped on U.S. exchanges due to threats that they might be removed from U.S. exchanges. President Joe Biden held his first big news conference and said he wanted to administer 200 million vaccine doses by the end of April. Biden did not signal any intentions one way or another on China.
Friday came around and the massive container ship was still stuck, with plans to remove it on Saturday night. There is a chance it may take longer. Reports indicated that American incomes dropped significantly over the last month.