By CD Media Staff | February 5, 2020

A Shocking Jobs Blowout, And Possible Virus Cure Propels Markets Higher
Largest grain elevator in the world – Buffalo, NY, 1930
Image by Bundesarchiv, Bild 102-09208

Financial markets exploded higher this morning on a possible successful therapy for the coronavirus, and exceptionally strong private payroll Job numbers reported by ADP, which basically doubled projections. The markets are exhibiting a relief rally to the upside after downward pressure last week over virus fears flushed out a lot of buyers.

ADP Employment Change printed at 291k jobs added vs the consensus estimate of 156k.

The trade balance for December printed at -$48.9B vs -$48.1B estimated. However, the annual number showed the first contraction of the trade deficit in six years with an annualized number of $616.755B.

As we have said many times here at CD Media, the markets look forward, and they see a robust American economy for the foreseeable future, as President Trump looks to be a lock for a second term in office.

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Chinese scientists reported over night that a combination of drugs used to combat the AIDS virus is showing promise against the coronavirus outbreak. Reuters reported the following headline:

CHINESE TV: RESEARCH TEAM AT ZHEJIANG UNIVERSITY HAS FOUND AN EFFECTIVE DRUG TO TREAT PEOPLE WITH THE NEW CORONA VIRUS

This story is developing as we await further data.

This piece originally appeared on CreativeDestructionMedia.com and is used by permission.

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