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Bob Carey
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  US Stock Markets Ended August 28, 2020
Posted Under: Weekly Market Commentary

 
Stocks continued to rise to record levels last week after a clearer path was laid out by the Federal Reserve. In a shift from previous statements, chairman Jerome Powell said the Fed would be more accommodative and let inflation and employment run at higher rates that will likely accompany lower interest rates. The statement came as unemployment benefits dropped, signaling the labor market is recovering. President Trump officially accepted the GOP nomination on Thursday. His speech at the White House made history, as the site was used for a political event after the President had canceled plans to deliver his speech first in North Carolina and then in Florida. Abbott Laboratories announced on Wednesday that the FDA had given it's $5 rapid result COVID-19 test the go-ahead to manufacture. The White House later announced it would be buying 150 million tests after Abbott said its production would run at about a 50 million a month rate. Moderna Inc also announced positive phase 1 trial results for its COVID vaccine. The vaccine produces consistently high levels of neutralizing antibodies in older adults. Moving to the corporate economy, MGM Resorts announced it will lay off 18,000 employees while Coca-Cola is offering buyouts to 4,000 of its employees. Looking ahead, investors will be looking at the market through both the Biden and Trump policy lenses. With the debates scheduled for September 29, October 15, and October 22, the two candidates have one month to streamline their messages to their respective bases.
Posted on Monday, August 31, 2020 @ 8:14 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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