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The Market Wrap for August 28: More Good News, More Record Highs

Aaron Levitt Aug 28, 2020

Traders have been pretty optimistic over the last few weeks as good news about the economy, pandemic, and other factors have generally outweighed the bad. This has helped the broader indexes reach new highs. These trends continued this week as traders focused on several good pieces of news.

A variety of drugmakers reported positive news with regard to their vaccines and cure efforts to fight the coronavirus pandemic. Many analysts have predicted that the economy won’t fully recover until a viable vaccine is produced. Meanwhile, the number of coronavirus cases has started to dip, while deaths from the virus have flatlined.

At the same time, economic data this week has proven to be positive. From consumer spending to employment, the economic news shows that the economy may be looking at a V-shaped recovery.

Add in the continued good earnings and strong corporate news this week and you have a recipe for new record highs. Much of these gains have come from the technology sector. Record cash flows and margins have helped drive the sector higher throughout the week.

All in all, the good news and optimism continued to help push the S&P 500 to new record highs and turn positive for the year.

Be sure to check out our previous Wrap here, when stocks hit record highs for the first time this year.

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