The Big Three’s ignorance of an astounding market rally reached a climax last night.
The S&P 500 closed at 3,389.78, breaking a record set at its February peak (3,386.15). It eliminated all of its losses taken from the pandemic-induced shutdown in the months after. The Wall Street Journal reported that “[w]ith just 126 trading days between peaks, the index makes its fastest-ever recovery from a bear market.” [Emphasis added.] The index’s recovery is indeed V-shaped. The Big Tech-heavy NASDAQ Composite stock index also rose 0.73 percent to close at 11,210.84, setting another record high of its own, according to Fox Business August 18.
ABC World News Tonight, CBS Evening News, and NBC Nightly News ignored the entire market story. They instead chose to do political PR for Democratic presidential nominee Joe Biden’s wife Jill, boosting her image prior to her speech before the virtual Democratic National Convention.
The S&P 500’s close, according to Fox Business, is the “129th record close under President Trump.” Perhaps that’s why the Big Three ignored it.
Fox News’s Tuesday edition of Special Report with Bret Baier did cover the market news, because this was an important development.
The Journal put the event into context to amplify just how significant the record was, revealing how the media blackout by the evening news networks is even more egregious:
Setting a new record milestone in 2020 once seemed improbable to many investors. The S&P 500 dropped 34% from its February high to its March low as the pandemic brought economies around the world to a virtual standstill. The subsequent rebound has been nearly as swift.
(Source: USA Today)
But that wasn’t all the good news the networks ignored last night.
Fox Business noted that “Looking at the economy, housing starts rose 23% to a seasonally adjusted annualized rate of 1.496 million, beating the 1.24 million that was anticipated by analysts surveyed by Refinitiv.” Also, “Building permits, meanwhile, climbed 19% to 1.495 million, ahead of the 1.32 million that was expected.” But this wasn’t good enough to get any coverage by the Big Three evening news shows either.
Just recently, the Big Three also censored coverage of the NASDAQ breaking the 11,000 mark for the first time in its history.
MRC News Analyst Nicholas Fondacaro contributed to this report.