FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo
Data on Friday showed U.S. consumer spending increased more than expected in July, though momentum is likely to ebb as the COVID-19 pandemic lingers and fiscal stimulus dries up with no sight of the next round of coronavirus relief package. “We’d like to see a sort of a broadening of ; that would indicate to us some greater confidence of market participants in the economic recovery,” Brenner said.
At 9:57 a.m. ET, the Dow Jones Industrial Average was up 77.58 points, or 0.27%, at 28,569.85, the S&P 500 was up 8.77 points, or 0.25%, at 3,493.32. The Nasdaq Composite was up 63.60 points, or 0.55%, at 11,688.94.
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Futures rise but Main Street is dead.
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Momentum stocks put S&P 500, Nasdaq on course for new highsWall Street advanced on Wednesday as upbeat earnings kept investors focused on momentum stocks that have outperformed since the onset of the coronavirus pandemic. Based on what reality? I'm a cat, so I don't invest in the Stock Market, but apparently neither does my human. She seems perturbed. Something about more than 50% of households not invested. Mnuchin and Co. pumping money into the Market, blah, blah. She better have money to buy me food,just sayin'. 😼 UnitedStates & EU stockmarkets fireworks do Not reflect real economy blues. Covid19 pandemic reveals mercyless weakness of Western capitalism & closing gap between China & Unitedstates monopoly capitalism & personal cult. SpokespersonCHN ccp will correct course
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