The continuing rise in COVID-19 infections in the United States due to the intense testing may not dent the nation’s economy much, Chicago Federal Reserve Bank President Charles Evans said Tuesday, adding that he remains “reasonably optimistic” US unemployment will fall to 5.5% by the end of next year.
“I sort of put less weight on the adverse economic consequences of a 2nd or 3rd wave based upon the experience that we have seen so it would have to be even worse than what we see” to impede the recovery, Mr. Evans told reporters after a speech to the Detroit Economic Club. “We seem to be powering through this no matter how adverse the consequences are for households, families around the country.”
“While swift and decisive policy action succeeded in calming markets, this does not mean that our work is complete. While central bank action succeeded in restoring market functioning, this support does not address the underlying vulnerabilities,” a Fed spokesman said,
Tuesday, the benchmark US stock market indexes finished at: DJIA +113.37 at 28308.73, NAS Comp +37.61 at 11516.42, S&P 500 +16.20 at 3443.12
Volume: Trade on the NYSE came in light at 755-M/shares exchanged.
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias,
- NAS Comp +28.4% YTD
- S&P 500 +6.6% YTD
- DJIA -0.8% YTD
- Russell 2000 -3.0% YTD
Looking Ahead: Investors will receive the weekly MBA Mortgage Applications Index and the Fed Beige Book for September Wednesday.
Have a healthy day, Keep the Faith!