Succinct Summation of Week’s Events for 1.08.21 (plus voter approval of insurrection)

Below is the usual weekly summation, the main positive being the markets rallying on the hopes of more stimulus, the main negative of course being the unprecedented historic events that took place this past Wednesday. Having the single worst COVID day on record also made the top of the list of negatives.  The bonus I offer this Sunday evening is a frightening graphic illustrating the alarmingly high minority support that registered voters have for Wednesday's violence, that a minority of 1 in 5 voters actually approve of what happened. This is one poll that I really do hope is fake news.  Hope everyone had a great weekend.  

Succinct Summation of Week’s Events for 1.08.21

January 8, 2021 5:30pm by Barry Ritholtz

Succinct Summations for the week ending January 8th, 2021

Positives:

1. Markets rally on hopes of more stimulus – and less chaos – as Democrats sweep Georgia Senate races.
2. Jobless claims fell 3k w/o/w from 790k to 787k.
3. Unemployment rate remains unchanged at 6.7%, below expectations.
4. Home mortgage apps fell 0.8% w/o/w.
5. Factory orders rose 1.0% m/o/m, above expectations.
6. PMI Manufacturing came in at 57.1 for December, above expectations.
7. ISM Services index came in at 57.2 for December, above expectations.

Negatives:

1. Armed Insurrection in the nation’s capitol damages USA’s global reputation even further.
2. Worst Covid-19 single day ever as deaths exceed 4,000 with 200,000 new infections.
3. Non-farm payrolls fell 140k m/o/m, below expectations.
4. ADP private payrolls fell by 123k m/o/m, below expectations.
5. Corporate layoffs came in at 77,030 for December.
6. Construction spending rose 0.9% m/o/m.
7. PMI Composite came in at 55.3 in December, below expectations.