Varney: Investors during coronavirus judging economic future for themselves
The media is pushing 'deliberately negative' spins on positive recovery, Varney says
FOX Business' Stuart Varney on how markets are reacting positively to coronavirus progression despite the media pushing negative headlines.
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FOX Business’ Stuart Varney, in his latest “My Take,” argues that markets are moving amid coronavirus despite the media’s tendency to push negative headlines.
Varney said Federal Reserve Chair Jerome Powell, during his appearance on “60 Minutes” Sunday, said never to bet against the U.S. economy. But the media took a negative approach by releasing headlines that quote Powell saying, “The recovery might stretch till the end of next year.”
“A very different and, I think, deliberately negative spin,” he said. “Joe Biden can't break out of his basement, so the media becomes the opposition party. Everything must be made to look bad in the Trump era, right?”
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But Varney said as negative headlines were released, the market rallied and stocks continue to climb.
Federal Reserve Chair Jerome Powell pauses during a news conference to discuss an announcement from the Federal Open Market Committee in Washington. Tuesday, March 3, 2020. (AP Photo/Jacquelyn Martin, File)
“The price of oil is all the way back to $32 a barrel,” he said. “If the recovery takes forever, how come stocks and oil are up? Instead of looking at the negative headlines, investors appear to be using their own eyes to judge the future of the economy.”
Varney said this past weekend would be a major indicator of recovery speed. Americans were indeed “out and about,” he said, and the country is opening up.
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“It’s driving the elites crazy,” he said. “That’s why they're grasping at any straw to criticize President Trump. Testing, treatments, vaccines, wearing a mask, or not, doesn't matter what he does or says, he's wrong. In their desperation to see Mr. Trump lose, they deliberately miss the big picture.”
Trump has clearly stated that America must get back to work and is pushing for recovery – the “positive side” of the crisis, Varney said. And as we return to work and the economy recovers, he said, the better Trump’s chances are to be re-elected.
“Just wait till the Memorial Day Weekend. We'll be out driving, flying, shopping, eating out – the media will hate it,” he said. “But we the people will be moving forward, as we have to."