Stocks Rally on Economic Recovery
US stocks rallied Tuesday on bullish retail data, as the latest sign that the worst of the pandemic-induced economic shock has passed.
Not only did US equities gain an the exorbitant record of 17.7% (the biggest monthly increase in retail spending since 1992), causing the Dow to trade 2.3% higher, S&P 500 - 2.1% and Nasdaq - 1.8%, the markets have also seen a positivity boost on the hopeful data from a vaccine study in coronavirus treatment.
The cherry on the cake has been Trump’s $1 trillion infrastructure bill preparation - a push to spend more on roads and bridges in attempt to drive job growth after the pandemic. This adds to the surprising last month’ 2.5 million jobs added by US employers and an unemployment rate fall to 13.3%.
Capital Economics believes that as of now the US economy will contract at an annual rate of 30% in the three months to July, compared to its previous 40% plus estimate.
Indeed, it appears that all the positive news are currently leaving the geopolitical tensions and the fears of a second coronavirus wave in the background.
*The products advertised are only available to clients under Fondex Limited Seychelles (SDL No: SD037).
Cookies on Fondex
These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.
You can customize your selection of which cookies you want to accept.
These cookies are necessary for the website to function correctly and cannot be switched off.
Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.
The Company would like to inform you that it will terminate its operations under the "Fondex" brand by 30th of December 2022. If you wish to open a trading account, kindly visit topfx.com.sc