Stocks seem to be having trouble digesting the latest CDC numbers

Technical Analysis

Author: Greg Michalowski | sp

Indices still up but coming off the highs

The rise of 3154 new deaths and increase of 43,438 new cases from the CDC were a bit of a shock in what was decent news from hotspots like NY over the last few days.  It makes you wonder about the reporting of the numbers, doesn't it?  

Just comparing numbers from the CDC and another source from Johns Hopkins, the CDC yesterday was at 330,891 total while Johns Hopkins was at 378,289. The deaths from the CDC yesterday were at 8,910, while the Johns Hopkins numbers showed 11,830. Today's data from the CDC caught up to the Johns Hopkins data in one fell swoop (cases are now at 374,329 and deaths at 12,064).

In any case, some of the stock gains have been taken away.  The S&P index reached a high at 2756.89. The current price is that 2715.49.

The NASDAQ index reached a high of 8146.43. It is currently at 8019.00.

As mentioned, the major indices are still higher on the day with the S&P up 1.96% and the NASDAQ up 1.33%. However, the coronavirus data from the CDC was a bit of a shocker and is taken some of the gains away.

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