FILE PHOTO: The Fearless Girl statue is seen outside the New York Stock Exchange in New York City, New York, U.S., June 11, 2020. REUTERS/Brendan McDermid
Improvements in some economic indicators, such as home sales, manufacturing activity and an unexpected bounce in employment data last month, have bolstered investor confidence and helped extend the rally in stocks. But others, including scant declines in jobless claims, reflect a still-tentative recovery.
The House of Representatives passed another $3 trillion aid bill in May, but the Republican-controlled Senate has not taken up the House package and lawmakers are not expected to move toward another coronavirus bill until sometime in July. U.S. stocks tumbled earlier this week in response to a resurgence in the number of cases of COVID-19, the disease caused by the novel coronavirus.
Some investors have already begun preparing for a potential market downturn by lightening their stock positions. “My suspicion is it will happen before the July expiration,” said Ameriprise’s Joy. “You wouldn’t want to alienate your constituents unnecessarily.”
The wealthy continue to make their last bits of money in the stock market rally before they all pull out and hunker down for the massive economic crush coming our way in August as the temporary benefits expire.
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