Tuesday was an interesting day, to say the least. The moved from “Limit up” overnight to briefly negative for the day, and finally closed up over 4.8% on the day. This was primarily due to comments from U.S. Government officials regarding the coronavirus. Investors were hopeful overnight before the U.S. stock markets opened that the president would introduce a payroll tax cut to give some relief to corporations who are dealing with the fallout of the coronavirus. At a press conference Tuesday morning, the president said they were not ready to announce any kind of economic relief. There were concerns by Democrats that payroll tax relief would not reach all workers who might need help. Markets gave back all their gains and briefly turned negative. However, later in the afternoon Treasury Secretary Steve Mnuchin met with House Democratic leader Nancy Pelosi and he said that there is a ‘BIPARTISAN” urgency to pass a…
