The New York Stock Exchange NYSE partially reopened its trading floor after a two-month closure due to the COVID-19 pandemic
You would think that with all that’s going on that people would be pulling their money out the market and stuffing cash under their mattresses, but that’s not so. If America’s S&P 500 rises by another 10 per cent in June, stocks will have rebounded to their pre-bear market levels faster than ever before.
Sam Stovall, managing director of U.S. equity strategy at CFRA Research, says that earnings growth among S&P 1500 companies is expected to rise by 32.6 per cent in 2021, while U.S. GDP could rise by 28 per cent in the third quarter after declining by an estimated 37 per cent in the second quarter. The S&P 500, he thinks, could be down 24 per cent in 2020, but will rise by 30.5 per cent next year. “We’ve already factored in the negatives,” he says.
The stock market is only being buoyed by stock buybacks by the very companies that are listed. The biggest threats are the debt loads being carried by government, business and consumers. If the dead tsunami on our doorsteps isn't dealt with thru debt forgiveness, we are toast.
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