and on reports that the Trump administration may be working on a $1 trillion infrastructure proposal fund to boost the US economy.
Trump's proposal aims to set aside funds for infrastructure such as roads and bridges, but part of the funding would also be directed towards 5G wireless infrastructure and rural broadband,As markets were just beginning to weigh the prospect of another prolonged sell-off amid fears of a second coronavirus wave, talk of a $1 trillion infrastructure plan has"put a rocket under stocks again," Russ Mould, investment director at AJ Bell, said.
Following the announcement, US stocks erased losses and the Fed became an"accidental Lone Ranger overnight" as it rode in to rescue distressed financial markets that were recently in the red over fears of a second coronavirus wave, Jeffrey Halley, a senior market analyst at OANDA said in a note. Gains in global stocks continued a dramatic reversal on Monday when indexes recovered from early losses and closed higher.
As the Federal Reserve backstopped corporate credit and supported printing money to lend to companies, an immediate return to business by the"buy everything herd" was seen, Halley said. by the Office for National Statistics showed that the jobless claimant count in the UK rose by 528,900 to 2.8 million in May.
This is market juicing. McConnell already said they’re working on this years highway bill
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