It is Tuesday, June 9 and the market is down after a 6-day willing streak and treasury yields fall as well. We also see that long-term unemployment hasn’t seen an uptick despite 21 million people being unemployed as of May. Also, 25,000 stores are predicted to close in 2020 as a result of the pandemic and Americans borrowed a record amount of money to pay for new and used cars in the first quarter this year.
Stocks fell sharply on Tuesday as investors took some money off the table following a relentless comeback rally that pushed the S&P 500 into positive territory for the year amid a recession from the coronavirus pandemic.
Treasury yields fell on Tuesday as the massive stock rally hit a pause. Investors also awaited the Federal Reserve’s monetary policy decision. The yield on the benchmark 10-year Treasury note dropped 7 basis points to 0.81% and the yield on the 30-year bond was down 9 basis points at 1.56%.
Unemployment levels over the past two months have been the worst since the Great Depression era. Yet there’s room for optimism. One reason: Long-term unemployment in the U.S. hasn’t yet seen an uptick.
25,000 stores are predicted to close in 2020, as the coronavirus pandemic accelerates industry upheaval
One result of the coronavirus pandemic could be as many as 25,000 store closures announced by retailers this year, as the crisis takes a toll on many businesses, and already has pushed some over the brink and into bankruptcy.
As the coronavirus was spreading from China to Europe and eventually to the U.S., Americans borrowed a record amount of money to pay for new and used cars, according to a new report.