23.03.2020 S&P 500 Daily Analysis

23.03.2020 S&P 500  Daily Analysis

S&P 500 is trading at $2,304.92 and is down by 104 points as the US Stock market and US dollar are going down as cases of coronavirus continue to rise in the US. On Sunday, policymakers failed to agree on terms of a funding package of more than $1 trillion to ease the impact of the coronavirus on the economy. So far, New York has reported up to 17,000  confirmed cases and 153 deaths, making it the state with the highest number of cases. The US has reported a total of over 32,000 cases so far. According to James Bullard, President of the Reserve Bank of St. Louis, the US unemployment rate could hit a high of 30% in the coming months as people have lost jobs due to coronavirus and no companies are hiring. In other news, 3M Co. ( which is a part of S&P 500) has been reported to have doubled production of N95 respirators to help health care providers to combat the pandemic. At this rate they will be producing nearly 100M a month.  "As a global company, we also manufacture respirators in Europe, Asia and Latin America, and our products are being similarly deployed to support the COVID-19 response in those respective regions and we've also maximized production of a wide range of other solutions being used in the response, including hand sanitizers and disinfectants," Chief Executive Mike Roman said.