S&P 500 hovers near record highs on continued economic optimism and Fed support

SourceBusiness Insider
SectorEconomy
CountryMiddle east

US stocks rose on Friday, with the S&P 500 hovering near record highs as investors continue to remain optimistic about the US economy amid support from the Federal Reserve. The benchmark index on Thursday broke both its intraday record and closing record, to finish the session at 4,239.18. Tom Lee, managing partner and the head of research at Fundstrat Global Advisors, said the breakout to new highs was presaged by the upside breakout last week.

“Our base case of a surge in S&P 500 to 4,400 before mid-year 2021 remains intact,” Lee said in a note. While Thursday’s data showed that US inflation surged more than expected in May, weekly jobless claims fell to a pandemic-era low. The 10-year Treasury yield was trading around 1.455%, two basis points above its March low, in a sign that the market believes strong inflation will prove transitory, as the Federal Reserve has stated. B was trading at $37,421. The world’s most popular cryptocurrency...read more...