While stocks have started the week on a strong foot, it came in thin trading. The SPDR S&P 500 ETF Trust (SPY), which tracks the whole market of the index, traded over 67 million shares on Monday. This is well below the ETF’s 30-day volume average of 105.01 million.
“The message today may be that the virus and the bull market can co-exist,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. “Despite the back-to-back days of Covid19 case later than 30 000 at the weekend and current reports of hot spots, the stock market was able to show a strong increase. The market action seems to suggest that investors expect the economy to continue to improve in the months ahead, even if the country is likely to experience uneven or temporary spikes in the virus. ”
The major U.S. stock averages won their fourth weekly gain in five weeks.
The number of new confirmed cases of coronavirus cases at home and abroad continues to increase, which raises questions about the economic recovery from the virus. The largest single-day increase in global case of the coronavirus was registered on Sunday, according to the World Health Organization, after more than 183,000 new cases have been reported in the world.
The UNITED states has experienced more than 36 000 new cases were reported Sunday, after more than 30 000 new cases were reported on Friday and Saturday, the data compiled by the Johns Hopkins University have shown. Widespread testing is to contribute to the slight increase in the number of reported cases.
Texas Gov. Greg Abbott said at a press conference on Monday that the coronavirus is spreading at an “unacceptable rate” in the state, according to NBC 5 in Dallas-Fort Worth.
The white House economic adviser Larry Kudlow told CNBC on Monday, ” there is no second wave to come, and that the legislators will be likely to develop another recovery plan until the end of next month.
New home sales data for May will be released Tuesday morning.
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