Is the stock market reliant on the idea of a fiscal stimulus package being pushed through in desperate hopes of avoiding a crash or is the stock market ready to accelerate to a new dimension of growth? As we experience pure gridlock and constipation within the current political arena moving into the nauseating election month of November, Wall Street celebrates as the dow futures continued to rally this Monday morning with the stock market reaching the highest levels since September. Yet still Fed Chair Jerome Powell continues to firmly encourage Congress to act on more fiscal stimulus while President Donald Trumps’ has delivered his per-usual series of tweets resonating a similar note. Anything to make his job easier.
The other side of the coin is that the Stock Market might have grown a new source of inner strength and confidence in the last month. Both Dow Jones Future, and Tech Futures continue to rally. As we do our best to avoid a repeat of November 1929, the boys and girls on Wall Street might have been staying focused on the game at hand. Stocks for Apple, Amazon and Microsoft all come on highs in the quarterly season. Twitter Inc jumped 5.7% and this all looks like smooth sailing.
The irony of this is the current detachment taking place on Wall Street. Main Street is suffering, with businesses shuttering left and right and people without jobs. Our country is in turmoil on multiple levels, yet in the face of adversity the stock market is fierce and continues with no remorse. But even if another stimulus check is sent out the the American people, this is not a long term solution. And this makes me wonder if the stock market is living on a prayer.