It is Wednesday, May 20 and today we see that the market has jumped as Wall Street’s wild week continues, weekly mortgage applications point to a recovery in homebuying and the government is bringing back a bond from the 1980s to help pay off a record deficit. In addition, we are reading that the CDC quietly released guidelines for reopening America and Americans have lost $35 million to coronavirus scams.
Stocks rose sharply on Wednesday, lifted in part by solid retail earnings, as traders continue to grapple with the market’s wild moves from this week.
If mortgage demand is an indicator, buyers are coming back to the housing market far faster than anticipated, despite coronavirus shutdowns and job losses.
The U.S. government is moving faster than expected to stretch out the time over which it will pay down its record deficit, strategists say. As part of that plan, the Treasury is bringing back the 20-year bond, last issued in 1986.
The Centers for Disease Control and Prevention has quietly released detailed guidance for reopening schools, mass transit and nonessential businesses that had been shut down in an attempt to curb the spread of the coronavirus in the United States.
It will apparently take more than a global pandemic to slow down scammers. Nearly 50,000 Covid-19 related scams were reported to the Federal Trade Commission’s Consumer Sentinel Network as of this week. The coronavirus shutdown has created the perfect environment for scammers to thrive.