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Bob Carey
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  US Stock Markets Ended June 8, 2020
Posted Under: Weekly Market Commentary
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After a weekend of peaceful protests and violent riots, stocks opened higher on Monday on optimism for a quicker than expected economic recovery. The S&P 500 closed out last week higher by almost 5%, erasing the losses incurred since the beginning of March. The market recovery was observed in small and mid-cap stocks with the S&P MidCap 400 and Russell 2000 both up over 8% last week. Investors eagerly anticipated Friday mornings job report as fears of a depression like surge in unemployment could vault the economy into a prolonged slide. Economists consensus estimates were a -7.5 million jobs lost, but in an unprecedented reversal the number came in at +2.5 million growth in payrolls. Moving to monetary policy, the Federal Reserve had promised to make it easier for corporations to gain access to financing throughout the pandemic. In response to the Fed, companies have borrowed a record $1.1 trillion dollars since the beginning of the year. The increased borrowing is nearly twice the pace set back in 2019. After a failed House bill to pump an additional $3.5 trillion stimulus dollars into the US economy, President Donald Trump said he would ask congress for more economic stimulus to aid in the recovery. The new stimulus is expected to be closer to $1 trillion dollars. The president's top economic advisor, Larry Kudlow, remarked that there could be a return-to-work incentive as one option to deliver the funds. Looking ahead to next week, economic releases include CPI and PdPI as well as the Federal Reserve Open Market Committee's decision on interest rates.
Posted on Monday, June 8, 2020 @ 8:17 AM • Post Link Share: 
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