The impact of Hurricane Milton affects the US market stocks and different industry sectors. Josh Lipton, a financial analyst, and Madison Mills, a host analyze the Market Domination Overtime and observe the market breakdown.
In Wednesday’s session, the major three market stock indexes are high and setting a new record along with the S&P 500. The Nasdaq Composite (^IXIC) rose by 0.6%, the S&P 500 (^GSPC) popped about 0.7%, and the Dow Jones Industrial Average (^DJI) added more than 1%, or nearly 450 points.
Moreover, veteran strategist Jim Paulsen also overviews the typical bull market and the current condition of the bull market. Usually, the Federal Reserve easing monetary policy initiates the traditional bull markets to prevent the situation of recession. This resulted in an increasing money supply and weakening dollars, improving bond yields.
According to a Yahoo Finance report, he explains, “The beginning of a bull is so fantastic not only in terms of how much the market rises but how much it’s broad participation across a variety of names.”
On the other hand, Piper Sandler, managing director of Paul Newsome said that Hurricane Milton affected the insurance market similarly. He added, “We don’t know what the losses will be. They could be the biggest we’ve ever seen. Theoretically, that could have wide-ranging changing effects on the industry for pricing terms and conditions, how the things are regulated.”
Along with this, the Biden Administration also made generic drugs available for a cost of $2 for every Medicare recipient after the hurricane hit. The insurance industry loses tens of billions in adjusting the anticipated rise and repricing insurance policies. Hence, from airlines to restaurants one can see the impact of Hurricane Milton on different sectors.
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