Dan Celia Looks at Today’s Financial Headlines: Oil Prices, GDP Numbers and Jerome Powell’s Press Conference
April 29, 2020
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia is looking today at several important financial headlines amid the ongoing coronavirus pandemic.
“First, this morning, we have the initial look at first-quarter GDP growth,” Celia said. “It’s expected to be a negative 3.3%, so that would actually be pretty good and just about what we expected for the first quarter. Remember, it’s the negativity of the second quarter that we should be far more worried about. We have at least another two months of struggles in the second quarter. In the first quarter, we really only had one bad month, and that was last month.
“Then this afternoon, Jerome Powell will start his press conference at 2:30 p.m., so it will be interesting to see what he says,” Celia continued. “People will be looking to wordsmith that event and looking for any indications he may provide about the future. I don’t think there will be much of a need to dig very deep to find these indications. I think he will be very frank and upfront. He is riding a wave of popularity right now. He’s done an amazing job, so I would expect that he will be pretty transparent about what he plans to do in the upcoming months.”
Celia also noted that oil continues to plummet, down more than 20% on Monday. Indices have been up slightly, with the NASDAQ up just over 1%. Small-caps are also performing well; the Russell 2000 is up 4.5%, which is a positive move for small-caps, he added.
“The main question everyone wants to know is when people will be able to get back to work, and it looks like it’s actually happening,” Celia said. “We’re seeing more and more small businesses begin to open up around the country, as more states start to ease restrictions. Outdoor work and construction companies will be able to start up again. Some of their offices are still closed, but they’re out in the sunshine working and maintaining social distancing. So the next question is when we will start to see some treatments, widespread testing and a bit of herd immunity? That would be especially helpful in New York City and into New Jersey, where it’s been difficult to maintain social distancing in such dense populations.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
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