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After last week’s shortened trading week, investors were hopeful heading into the new month. As more states continued to open up, end stay-in-place orders and return to “regular” life, traders looked towards an economic recovery for the back half of the year. This fact was buoyed by positive coronavirus data as well as more positive results for vaccines/treatments in trials.
At the same time, economic data seemed to be getting better this week as well. Measures of unemployment, manufacturing and even housing health rebounded somewhat during the last month. This again fueled optimism in traders that the economy was going to quickly rebound after the pandemic. Even earnings on the week were generally positive with guidance being mixed.
Perhaps the only negative news from an investment point of view was the rising uncertainty amid protests against police brutality across the country in the wake of George Floyd’s murder.
In the end, the improving coronavirus situation and better-looking economic data boosted stocks throughout the week.
Be sure to check out our previous Wrap here, when the shortened week brought gains.