We’re seeing some seesawing in the markets, but bank stocks got a boost following the Office of the Comptroller of the Currency approved changes to the Volcker Rule.
Bloomberg reported the changes would let banks increase their dealings with certain funds by providing more clarity on what’s allowed. The OCC also scrapped a requirement that lenders hold margin when trading derivatives with their affiliates. Bloomberg cited an agency spokesman.
But the market received a worse-than-forecasted jobless claims report.
The U.S. has over 2.3 million coronavirus cases with over 121,000 deaths.
The U.S. has recorded over 34,500 infections for two consecutive days, putting the country on pace to match the rate of infection recorded in the final weeks of April, when the pandemic was at its peak.
According to the University of Washington's Institute for Health Metrics and Evaluation, the latest forecast calls for 180,000 Americans to die from the virus by the start of October. That’s down about 22,000 from the previous forecast despite rising case numbers.
Forecasters also predicted that about 33,000 deaths would be prevented if at least 95% of Americans consistently wore masks in public.
Dr. Christopher Murray, IHME’s director, said in a statement, “People need to know that wearing masks can reduce transmission of the virus by as much as 50%, and those who refuse are putting their lives, their families, their friends and their communities at risk.”
So, what does Jim Cramer make of this market?
He says that this market is struggling to decide whether to stay in or go out.
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