Stocks Bounce Higher After Pelosi Comments

Stocks Bounce Higher After Pelosi Comments

Tyler Durden

Thu, 10/22/2020 – 10:55

Update (1055ET): House Speaker Pelosi began her weekly press conference by saying that “progress has been made this week” and adding that she believes “we are just about there” on the stimulus deal.

That sent stocks higher…

But it appears some algos have got tired as the bounce is not very impressive…

*  *  *

Amid a chaotic week of stimulus headlines, US equity markets suddenly just snapped lower led by Nasdaq…

No immediate catalyst was obvious for the move aside from a lack of stimulus “hope” or “optimism” comments this morning. Some have suggested that the move could simply be positioning ahead of House Speaker Pelosi’s upcoming presser.

Pushing Nasdaq to 2-week lows…

The dollar is rallying modestly on the day (and bond yields are higher but not reacting to this drop in stocks)

Time to unleash the Kudlow.

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Author: Tyler Durden