The stunning turnaround for the S&P 500 from a nearly 34% tumble in March, when the coronavirus pandemic sent stocks into a nosedive, shows investors gaining confidence from improved economic data and better-than-expected second-quarter corporate results.
Economists say consumer spending could be under more pressure after government aid including additional $600 weekly unemployment benefits expired. Investors are counting on Washington for another economic lifeline, but legislators are far apart on a possible package. Consumer spending is the main locomotive for the U.S. economy, and a report on Friday showed some more improvements for U.S. retailers, though less than economists expected.
Treasury yields moderated a bit, following the big run for the 10-year yield last week. It dipped to 0.68% from 0.71% late Friday. It had zoomed upward from 0.56% through the week.
The fed poured 1 trillion to prop up the market and you're reporting record gains? It's artificial.
The stock market is not the economy
Hmm how are stocks going up, with so many out of work + and economy contracting?
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