Saturday, 27 Jun 2020 07:38 AM MYT
The benchmark S&P 500 has risen about 34 per cent from its late March lows. But those gains have slowed in June, as investors weigh expectations of further stimulus and improving data against a resurgence in coronavirus cases in the United States. “There's some evidence that the economy is expanding, but how robust it will be is an open question,” said David Joy, chief market strategist at Ameriprise Financial.
One component of Congress' fiscal aid, a US$600 per week supplement to unemployment insurance payments, is set to expire at the end of July. Other sources of worry include a potential flare-up in US-China trade tensions and political uncertainty stemming from the November 3 presidential election. In Grasfeder's view, it could take longer than expected to see the impact of additional stimulus in economic data and corporate earnings.Nonetheless, many on Wall Street remain confident that further aid will pass, given the presidential and congressional elections this November, and that will help prop up investor sentiment.
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