A nervous Dow crept toward Tuesday’s US trading session, struggling for direction after yesterday’s mammoth stock market rally – and the shocking report that former New York City Mayor Michael Bloomberg may mount a presidential challenge to Donald Trump after all.
Exhausted Dow Slumps on Tuesday
As of 9:01 am ET, Dow Jones Industrial Average futures had lost 12 points or 0.05 percent, implying a loss of 21.42 points just one day after the index opened the quarter with a parabolic leap above 26,000. The Dow was dragged down by Boeing, whose shares dropped 0.65 percent in pre-market trading after the airline announced it would submit its 737 MAX software upgrade weeks later than planned.
S&P 500 and Nasdaq futures clung to minor gains, rising 0.05 percent and 0.07 percent, respectively, though those advances gave the bulls little to cheer about.
That’s a marked change from Monday, the Dow pounded into the second quarter with a blockbuster 329.74 point or 1.27 percent rally to close at 26,258.42. The Nasdaq leaped even higher, surging 99.59 points or 1.29 percent to 7,828.91. The S&P 500 rounded out a banner day for US stocks with a 32.79 point or 1.16 percent gain to 2,867.19.
Joe Biden Scandal Intensifies as Second Woman Makes #MeToo Accusation
This morning, the Joe Biden scandal continues to reverberate throughout the 2020 presidential contest. Allegations that the former vice president has a history of behaving inappropriately toward women continue to mount, with Connecticut woman Amy Lappos telling the Hartford Courant that Biden had initiated unwanted physical contact with her at a 2009 fundraiser.
“It wasn’t sexual, but he did grab me by the head,” she said. “He put his hand around my neck and pulled me in to rub noses with me. When he was pulling me in, I thought he was going to kiss me on the mouth.”
As CCN reported, Joe Biden – a prediction market favorite even though he had not formally announced his campaign – saw his betting odds tumble after Democratic politician Lucy Flores made a similar accusation on Friday. The scandal bolstered Trump’s odds to win reelection and also gave Bernie Sanders a slight bump, making him the clear Democratic favorite, at least among gamblers.
Biden continues to defend his conduct, but some Democrats believe the post-#MeToo party should distance itself from the 76-year-old former vice president.
Michael Bloomberg Reconsiders Bid to Take Down Trump
Bloomberg announced on March 5 that he would not join the Democratic primary race, which seemed like a tacit concession that the ascendant progressive wing of the party had left centrists like him behind.
However, Axios reports that Bloomberg believes that a theoretical Biden exit would open a clear centrist lane, enabling him to provide a credible moderate alternative to the leftward-lurching mass of candidates who populate the remainder of the crowded field.
A Michael Bloomberg presidency would most likely be a welcome sight for the ongoing Dow Jones boom, as it’s unlikely that the $58 billion entrepreneurs would launch the sort of progressive crusade against Wall Street that other Democrats – most notably Bernie Sanders – have previewed.
Bloomberg also received early backing from Berkshire Hathaway CEO Warren Buffett, which would certainly boost his case on Wall Street, even as Donald Trump argues that the stock market’s breathtaking run during his first term should earn him another four years in the White House.