KW: The delusion is at an all time high
She says “the over-riding sentiment in the markets last week was full steam ahead. Regardless of the nationwide protests keeping many small businesses closed and the overhang of the coronavirus, the Dow barreled through the 26,000 level. In addition, the S&P 500 Index had its longest winning streak since February. Then came Friday’s blowout jobs report that blew all expectations out of the water. The Dow shot to over 27,100, putting it in sight of its February record high. The S&P and Nasdaq also followed suit.But it’s too soon to put faith in the Friday report. The Bureau of Labor Statistics (BLS) admitted to making a “miscalculation error” that may have taken three full percentage points off the unemployment rate. That’s not exactly a rounding error. So the number of unemployed may actually be much higher.